As per provisions of section 153(1)(b) read with proviso in clause (b) in sub-section (3) of section 153, the tax deductible on payments for the rendering of services shall be the minimum tax on transactions irrespective of the status of recipient of money. Following amendment has been made through Income Tax (Second Amendment) Ordinance, 2015…
Federal Government has made certain amendments in SRO 568(I)/2014 dated 26.06.2014 through SRO 1055(I)/2015 dated 30.10.2015. Regulatory duty @ 10% has been imposed on “Cotton yarn and fabric” falling under the following chapters of the Pakistan Customs Tariff: (i) 52.05 (ii) 52.06 (iii) 52.07 (iv) 52.08 (v) 52.09 (vi) 52.10 (vii) 52.11 (viii) 52.12 This…
The Government of Punjab has issued The Punjab Revenue Authority (Amendment) Ordinance, 2015. Certain amendments have been made in the Punjab Revenue Authority Act, 2012. The changes are as under:- The definition of ‘member’ of the Authority has been amended. Amended definition is as under:- (j) “member” means a member of the Authority and…
The date of filing of income tax return for the tax year 2015 has been extended up to 31.10.2015 vide Circular No.8 of 2015. A copy of the said circular can be found here http://akhtarali.com/federal-board-of-revenue/
Vide SRO 979(I)/2015 dated 06.10.2015, Federal Board of Revenue has made following amendments in SRO 209(I)/2009 dated 05.03.2009 (Duty Draw Back on export of textile and allied products) (i) Rate of duty draw back on export of bleached ready-made garments made of 100% cotton has been increased from 0.43% to 0.816% of FOB value, (ii) …
Federal Board of Revenue vide Circular 07 of 2015 dated 28.09.2015 has extended date of filing of withholding statements u/s 165(2) of the Income Tax Ordinance, 2001 up to 08.10.2015 for the periods July-2015 and August-2015. These statements were due on 15.08.2015 and 15.09.2015 respectively. The date of submission of these had already been extended up to…
The Federal Board of Revenue has extended the date of submission of Sales Tax/Federal Excise return and payment of sales tax and federal excise duty due upto 28th September, 2015 for the tax period August 2015, for all registered persons vide its Letter C. No. 3(9)ST-L&P/2010-131070-R dated 21.09.2015. A copy of the letter can be…
The Federal Board of Revenue has issued Valuation Ruling No.756 of 2015 whereby it has determined Customs Values of Electrolytic Tin Plate (ETP) and Tin Free Sheet (TFS) under section 25-A of the Customs Act, 1969. A copy of the ruling can be accessed here: http://akhtarali.com/federal-board-of-revenue/
Federal Board of Revenue has selected 75,871 cases for audit in respect of Sales Tax, Income Tax and Federal Excise. These cases are selected for the tax year 2014 (July-2013 to June-2014) through computer ballot. The Audit Policy and list of selected cases can be found on the following link http://akhtarali.com/federal-board-of-revenue/
The Lahore High Court has issued a stay order against the recovery of provincial sales tax on services provided by Practitioners and consultants (9815.2000), Corporate Consultants (9850.0000) and Tax Consultants (9851.0000) vide its Order dated 09.09.2015. A copy of the stay order can be accessed here: http://akhtarali.com/provincial-sales-tax-authorities/
