Treatment of Taxes on Import

[bilal hanif]

AOA

I Just want to know the accounting treatment of income tax sales tax and Custom duty deducted at import stage and also tell me whether income tax deducted on import is final/adjustable in case company and AOP.

Thanks and regards

[LapTop]

Bilal bhai,,,,,,
Sales Tax---- agar commercial importer han to Special procedure for imports adopt karna pary ga,,,, or agar manufacturer import kar raha hay to normal procedure ho ga….

Income Tax----- agar commercial importer hay to Income tax Final ho ga, or agar manufacturer hayn or import kar rahy hayn to adjustable ho ga

[imdad1]

Income tax paid at import stage will be treated as full and final tax i think as per section 148(7) if aop in all cases however in case of a company if its listed plus manufacturer it will fall under normal tax regeime and if comapny other than listed will fall under ftr where manufactures or not.listed co will fall under ftr if it is a commercial importer..Originally posted by bilal hanif[/i]
<br />AOA

I Just want to know the accounting treatment of income tax sales tax and Custom duty deducted at import stage and also tell me whether income tax deducted on import is final/adjustable in case company and AOP.

Thanks and regards
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