Updates: SRO 212(I)/2013

FBR has issued SRO 212(I)/2013 datd 14.03.2013. As per this new SRO, income tax under section 148 shall be charged @ 1% in case of manufacturers and 3% in case of commercial importers of items covered under sales tax notification SRO 1125(I)/2011 dated 31.12.2011. The said SRO i.e 1125(I)/2011 relates to reduced rate of sales tax for Export Oriented Sectors namely textile (including jute), leather, carpets, surgical goods and sport goods. The benefit will be available in respect of all items covered in the Table of the said SRO.