201306.06
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Proposed Budgetary Changes in Federal Excise

Section  2      Definitions It is proposed that in section 2, after clause (24), the following new clause be added:- “(24A) “whistleblower” means whistleblower as defined in section 42D of the Federal Excise Act, 2005”   The definition of whistleblower as contained in section 42D is reproduced hereunder for ease of reference:- “For the purpose of…

201303.29
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Updates: SRO222(I)/2013

Federal Government has issued following notifications:- 1) Vide SRO222(I)/2013 dated 15.03.2013, amendment has been made in notification SRO 575(I)/2006 dated 05.06.2006. As per the amending notification, sales tax and customs duty have been exempted on coal mining machinery, equipment, spares including vehicles for site use i.e single or double cabin pick-ups imported for Thar Coal…

201206.29
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Latest Updates

The Federal Government in supersession of earlier announced amnesty scheme notified vide SRO 563(I)/2012 dated 25.05.2012 announced a new amnesty scheme vide SRO 606(I)/2012 dated 01.06.2012 for payment of any amount of sales tax or federal excise outstanding on account of illegal adjustment of input tax credit,  refund, drawback or rebate due to any reason….

201206.29
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SRO 751(I)/2012

Vide SRO 751(I)/2012 dated 18.06.2012 an amendment has bee made by the Federal Government in SRO 522(I)/2012 dated 21.05.2012 extending date for payment of duty and taxes without payment of penal surcharge in respect of un-cleared overstayed bonded goods up to 30th June, 2012. Whole amount of penal surcharge has been waived off till 30.06.2012.

201202.02
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SRO 47(I)/2012 dated 20.01.2012

The Federal Government has issued a notification SRO 47(I)/2012 dated 20.01.2012. By virtue of this notification excise duty on air tickets have been slightly enhanced from the duty already prescribed against Sr. No.3 of Table II of the First Schedule to the Federal Excise Act, 2005

201201.02
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Revision for five zero rated sectors: SRO1125/I/2011

The Federal Government has again revised scheme for five zero-rated sectors and has issued notification No. S.R.O. 1125/I/2011 dated 31st December, 2011. The benefit of this notification is available to Manufacturers, Importers, Exporters, Wholesaler and Retailers of textile, carpets, leather, sports and surgical goods/sectors. The rate is either zero or five percent with full availability…