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…

201110.18
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Updates

1. FBR has finally agreed to suspend the operation of SRO 821(I)/2011dated 06.09.2011 requiring manufacturers, importers and exporters to indicate NTN / CNIC No. of their buyers on their invoices and in their sales tax returns. The requisite letter is likely to be issued on Monday, the 24th of October, 2011. 2. FBR has issued…

201109.16
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FBR SRO 822

FBR has issued Federal Excise Notification No. SRO 822(I)/2011 with a view to restrict adjustment of Federal Excise Duty paid on beverage concentrate use in the manufacture of aerated waters. This adjustment has been restricted with a view to ensure that no refund claim accrues on account of use concentrate in aerated waters. At present excise duty on…

201109.06
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FBR instructions for filling of Sales Tax & Federal Excise Return

Federal Board of Revenue has issued instructions for filing of Sales Tax & Federal Excise Return. Board has directed manufacturers, importers and exporters to write down CNIC/NTN on the invoices issued to unregistered buyers. This direction is effective from 01.09.2011. This restriction is however not applicable on restaurants, bakers and sweet shops on their retail…

201106.29
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Exemption of Default Surcharge and Penalties

The Federal Govt. has allowed an amnesty scheme for exemption of default surcharge and penalties provided that the outstanding arrears is paid before 30th June 2011. This amnesty is however, not available in cases of fraudulent refunds and tax frauds. Further Update Federal Board of revenue has issued a clarification vide its letter C. No….