Nawaz paid Rs2.5m, Shahbaz Rs5m in taxes

[Devil Soul]

Nawaz paid Rs2.5m, Shahbaz Rs5m in taxes
By Asad Kharal
Published: December 5, 2011

Federal Bureau of Revenue reveals tax paid by Sharif brother in the past year. PHOTO: TIMN/FILE
LAHORE:
Nawaz Sharif paid Rs2.5 million in taxes in 2010-11, while Punjab Chief Minister Shahbaz Sharif paid Rs5 million, according to records of the Federal Bureau of Revenue.
The amount has been paid by Nawaz from his income as the director of one sugar mill, Chaudhry Sugar Mills, which is declared as his only asset. Last year, he had paid Rs2 million from his earnings from the mill.
Shahbaz, however, paid a total of Rs6.43 million in the last three years: Rs5 million last year, Rs0.7 million for year ending June 2010 and Rs0.66 million for year ending June 2009.
The Sharif family owns five businesses, in which the Sharif brothers have varying shares, which have collectively paid Rs6.72 billion in taxes since early 90s till now.
Chaudhry Sugar Mills Ltd has paid a total tax of Rs3.11 billion between 1993 and 2010. Last year, the mill paid Rs134 million in taxes. Ramzan Sugar Mills Ltd has paid Rs3.15 billion in taxes since 1992 and 2009. Tax payments for the last two years are not mentioned in the documents, but the mill paid Rs200 million for the year 2008-09.
Mehran Ramzan Textile Mills Ltd paid total tax of Rs8 million for year ending on June 30, 2006. The mill has paid Rs166.7 million between 1993 and 2006, but records since then are not available.
Hamza Board Mills Ltd has paid Rs163.03 million between 1993 and 2006, when it paid Rs11.2 million. Records since then are unavailable.
Hudaibiya Engineering Co. (pvt.) Ltd has paid Rs91.83 million between 1994 and 2010. Last year, it paid Rs18.3 million.
Published in The Express Tribune, December 5th, 2011.

---------- Post added at 12:27 PM ---------- Previous post was at 12:27 PM ----------

am eagerly waiting for PML-Q & PPP's declarations

 

[Awesome]

link/source please.

Finally some figures without the Sharifs whining "What about our property from the 70s that was taken during nationalization". They almost say that like they should get some tax waiver because of it.

 

[kas786]

Non-PMLN supporters will come up with another excuse to discredit Nawaz Sharif and his party.
Bring it on, lol.

 

[Devil Soul]

link/source please.

Finally some figures without the Sharifs whining "What about our property from the 70s that was taken during nationalization". They almost say that like they should get some tax waiver because of it.

Nawaz paid Rs2.5m, Shahbaz Rs5m in taxes – The Express Tribune

 

[khuramonline]

^^

First of all there is no Federal Bureau of Revenue*

There is however "Federal Board of Revenue"

Secondly just don't tell us those "billions" figures because those are (if really "paid") INDIRECT taxes like sales tax, federal excise etc. No business pays these indirect taxes out of it's own resources. When you purchase sugar you pay tax (sales tax and other indirect taxes) out of your own pocket. Nawaz Sugar Mills only collects this tax from your pocket and then pays to govt.

Only 3.11 billion of these taxes for such long period as 1993 to 2010 is TOO LOW.

It means that Sharif Sugar Mills might have been collecting sales tax from you and then had been paying only the partial amount to govt.

This is more pathetic. They might be looting us in the name of taxes which they only partially pay to govt.

And only 2.5 million Income Tax...???

It is also toooo low for such one of richest person of country. Does not match with the lavish life style in any way!

 

[Fracker]

^^

First of all there is no Federal Bureau of Revenue*

There is however "Federal Board of Revenue"

Secondly just don't tell us those "billions" figures because those are (if really "paid") INDIRECT taxes like sales tax, federal excise etc. No business pays these indirect taxes out of it's own resources. When you purchase sugar you pay tax (sales tax and other indirect taxes) out of your own pocket. Nawaz Sugar Mills only collects this tax from your pocket and then pays to govt.

Only 3.11 billion of these taxes for such long period as 1993 to 2010 is TOO LOW.

It means that Sharif Sugar Mills might have been collecting sales tax from you and then had been paying only the partial amount to govt.

This is more pathetic. They might be looting us in the name of taxes which they only partially pay to govt.

And only 2.5 million Income Tax...???

It is also toooo low for such one of richest person of country. Does not match with the lavish life style in any way!

I don't know why PTI Supporter call themself educated ones?

That's how corporations works, They have one chairpersons who owns some shares, their are some directors who own some shares and also being paid some money in-terms of Salary (from which they pay income tax in their name). other then that, the companies profit what they declare on each quarter goes into other types of taxes (not income tax). and that goes into company tax. Now please explain, when NS has transferred all of his assets in the name of his children how you gonna see any tax in his name? Lastly NS is not the richest person of the country, but shareef family is on number 3, while on 1st its zardari, on 2nd its Nishat Group. Interestingly Mian Mansha also don't pay much income tax, but his companies (MCB, Nishat Taxtiles, DG Khan Cemet etc) pays highest TAX (not income tax) for the country.

PS: i am no tax expert or NS Supporter (infact i may vote for IK), but i read and understand how cooperate normally works.

 

[bubble123]

if i am not wrong i remember some time ago there was a news on a tv channel which said that NS had claimed on his papers for elections that he had taken a loan of a few lacs from shabaz.

Now how can a man who has taken a loan from his brother pay 2.5m tax.

So what news should be believe the first or the latter or neither ?

 

[Fracker]

if i am not wrong i remember some time ago there was a news on a tv channel which said that NS had claimed on his papers for elections that he had taken a loan of a few lacs from shabaz.

Now how can a man who has taken a loan from his brother pay 2.5m tax.

So what news should be believe the first or the latter or neither ?

Have you read 1st post? or paid income tax as salary person? Unlike business man, and other people we (the salary persons) are the A$$h0les who pay income tax before we recieve salary.

......The amount has been paid by Nawaz from his income as the director of one sugar mill, Chaudhry Sugar Mills.....

 

[khuramonline]

@ Fracker

Above are not right justifications

If Nawaz has transferred all assets to his children then he should not be able to maintain his current life style. Because even he receives money from his children that should be the taxable income in his own name.

He travels in planes, copters, bala bla ... despite personal expenses they are really levish in party promotion activities. They can fill whole country roads with their huge huge banners .. they can invest in media ... they can hire media persons and so on.

And they tell lies about so called corporate taxes because actually they show all corporations operating in losses.

That "syana" Sadeequl Farooq on a tv show justified those "losses" by saying that nawaz family expenses are high and are born by corporations so thats why those corporations are operating in losses.

So poor justification... He does not even know that family expenses are not deductible expenses from business revenues (As per accounting principles and also as per Income Tax Laws .....

 

[Fracker]

@ Fracker

Above are not right justifications

If Nawaz has transferred all assets to his children then he should not be able to maintain his current life style. Because even he receives money from his children that should be the taxable income in his own name.

He travels in planes, copters, bala bla ... despite personal expenses they are really levish in party promotion activities. They can fill whole country roads with their huge huge banners .. they can invest in media ... they can hire media persons and so on.

And they tell lies about so called corporate taxes because actually they show all corporations operating in losses.

That "syana" Sadeequl Farooq on a tv show justified those "losses" by saying that nawaz family expenses are high and are born by corporations so thats why those corporations are operating in losses.

So poor justification... He does not even know that family expenses are not deductible expenses from business revenues (As per accounting principles and also as per Income Tax Laws .....

lol, if my son will give me money to spend or he fill up my car tank, or some other way he is giving me money .. i need to pay income tax again, lol

you funny man sorry, i even tried to make you understand.... keep on

just for your concern, you or anyone can't prove your so called explanation for this in the court, since that's not the law and law actually protect cooperates in this capitalist world...

PS: i wasn't justifying anyone, but was only telling how this (tax system) works..

 

[khuramonline]

lol, if my son will give me money to spend or he fill up my car tank, or some other way he is giving me money .. i need to pay income tax again, lol

you funny man sorry, i even tried to make you understand.... keep on

Yes ... because it is your Income from Other Sources.

It is also taxable.

You need to know Income Tax Law and also the definition of "Income".

It is ... "IN" ... "COME"

Suppose you run a charity hospital ... you yourself give charity to your hospital ... that Charity is Income of that Hospital and will be written on revenue side of Prfit & Loss Account of that hospital.

In the same way ... you enjoy lavish life style. You spend lavishly ... from where you got that money to spend? From your son? that will be your Income ... my dear...!!!

 

[khuramonline]

@ Fracker:

Following is from Income Tax Ordinance 2001. It is sub-section 3 of section 39 (Income from other sources) of Income Tax Ordinance 2001:

(3) Subject to sub-section (4), any amount received as a loan, advance, deposit 2[for issuance of shares] or gift by a person in
3[a tax year] from another person (not being a banking company or financial institution) otherwise than by a crossed cheque drawn on a bank or through a banking channel from a person holding a National Tax Number 4 [ ] shall be treated as income chargeable to tax under the head ―Income from Other Sources‖ for the tax year in which it was
received.

 

[Omar1984]

Non-PMLN supporters will come up with another excuse to discredit Nawaz Sharif and his party.
Bring it on, lol.

Can't believe there are still some people who support thieves like Zardari and Nawaz. Haven't you had enough or you want Pakistan to be poorer than Somalia?

 

[Doctor09]

Can't believe there are still some people who support thieves like Zardari and Nawaz. Haven't you had enough or you want Pakistan to be poorer than Somalia?

Omar bahi chorain inn ku ....... Andha kiya janay basant ki bahar

 

[Leader]

I think year to year investments, losses, ROI, expansion of businesses, over all equity, over all assets and liabilities, data of business transactions, foreign currency accounts, and how money was transferred from Pakistan, and empires were built in Saudia and UK, and other places, would clear things up...


its not a PTI supporters issue. its our ISSUE !!