RECORDER REPORT

LAHORE: The Small and Medium Enterprises Development Authority (Smeda) has started capacity building of the SMEs for learning newly-introduced procedure of filing sales tax returns.

The Smeda in collaboration with ‘INFO Strikes Back’, an expert consulting firm, on Wednesday organised first workshop that was attended by a number of tax consultants, finance and accounts officers of different business and audit firms. Smeda’s Provincial Chief Raja Hassanien Javed and a tax consultant Arif Hussain Ejaz spoke on the occasion.

Arif Hussain Ejaz briefed the participants about different parts of a sales tax return, making and removing different entries, preparing annexure and parts thereof while saving buyers input adjustment, payment of withholding tax and debit credit notes entries and reduction of output tax relating to withholding tax and credit notes by supplier and due compliance of timely filing of sales tax returns.

The participants were also briefed about different penalties for wrongful and non-filing of sales tax return and its parts, and how tactfully buyers and sellers can save themselves from these penalties. To further clear the filing of new sales tax return, resource person also demonstrated real time completion and filing of sales tax return and its different parts before the participants. A total of 25 participants representing a wide array of business categories participated in this programme.

Raja Hassanien Javed highlighted Smeda services, especially its training services, for creating conducive business environment and is committed to working for the development of SMEs through its various initiatives.