Punjab Revenue Authority has issued new withholding rules. By virtue of new rules certain features have been changed including withholding agents. These changes are as under: 1- Following persons are also declared as withholding agent in addition to earlier categories: a- All companies b- Registered persons receiving taxable services from unregistered persons. 2- Insurance services…
Federal Government vide Vide SRO 84(I)/2015 dated 28.01.2015 has granted exemption from payment of sales tax on import and local supply of raw materials for manufacture of pharmaceutical active ingredients and pharmaceutical products. However, such ingredients shall be entitled for exemption on import which are included in the Fifth Schedule of the Customs Act, 1969…
Federal Government has made certain amendments in its notification No. SRO 568(I)/2014 dated 26.06.2014 through SRO 121(I)/2015 dated 12.02.2015. Rate of regulatory duty on certain items have been increased from 5% to 10% or 156%. Following new items have also been subject to regulatory duty. Sr. No. Description PCT Heading 1 Dyes for hair 3305.9020…
Federal Government vide SRO 85(I)/2015 dated 28.01.2015 has made amendments in the Chapter-II (Special Procedure for Payment of Sales Tax by Retailers) of the Sales Tax Special Procedure Rules, 2007. Through these amendments, these rules have been made applicable on Jewelers as well. While determining the value of taxable supply of a jeweler, he will…
In the Part-II of First Schedule, there were uniform rates of tax collection u/s 148 (Imports) for filers and non-filers. Now, through SRO 136(I)/2015 dated 13.02.2015, different rates of tax collection have BEEN given for the filers and non-filers. Sr.No. Persons Filers Non-filers (i) Industrial undertaking importing remeltable steel (PCT Heading 72.04) and directly reduced…
Federal Government vide SRO 83(I)/2015 dated 30.01.2015 amended its notification No. 1152(I)/2014 dated 30.12.2014. Rate of sales tax has been increased from 22% to 27% on import and local supply of petroleum products namely, Petrol including Hi-Octane, Kerosene Oil, Light Diesel Oil and High Speed Diesel Oil. This notification will take effect from 01.02.2015
Vide SRO 132(I)/2015 dated 12.02.2015, Federal Government has imposed 5% regulatory duty on import of Furnace oil (PCT Code 2710.1941).
In the Part-II of First Schedule, there were uniform rates of tax collection u/s 148 (Imports) for filers and non-filers. Now, through SRO 136(I)/2015 dated 13.02.2015, different rates of tax collection have BEEN given for the filers and non-filers. Sr.No. Persons Filers Non-filers (i) Industrial undertaking importing remeltable steel (PCT Heading 72.04) and directly reduced…
