201511.02
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Levy of Regulatory Duty on Import of Cotton Yarn and Fabric

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…

201508.22
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Notification Fixing Value of Supply of Gas to CNG stations

Federal Board of Revenue has issued SRO ____ (I)/2014 dated 31.03.2014 fixing value of supply of CNG to CNG stations. By virtue of this notification, value for charging sales tax by gas distribution companies on supplies to CNG station will be the consumer price of CNG as notified by OGRA (Oil and Gas Regulatory Authority)…

201508.22
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Amendments in Income Tax Rules,2002 vide S.R.O.1035(I)/2013 dated 05.12.2013

NOTIFICATION (Income Tax) SRO. 1035(I)/2013 Newly inserted section 165A by the Finance Act, 2013 makes it mandatory for the bank to furnish the following information:- (a)    a list containing information regarding deposits amounting to one million rupees or more during the preceding month; (b)   information regarding payments made in respect of credit card exceeding or…

201508.22
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Changes in the Sales Tax Rules, 2006

Certain amendments have been made in the Sales Tax Rules 2006 vide SRO 494(I)/2015. Some of the important changes are as under: i)              New rules for registration, de-registration, suspension and blacklisting etc. have been issued. The concept of biometric verification of applicants has been introduced along with other changes e.g. GPS-tagged photographs of the business…

201508.22
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Change of Rate of Sales Tax on Petroleum Products

Vide SRO 720(I)/2015 dated 31.07.2015 Federal Government has made changes in SRO 383(I)/2015 dated 30.04.2015 to change rate of sales tax for petroleum products w.e.f. 01.08.2015. New rates are as under: Sr. No. Description Previous Rate of Sales Tax New Rate of Sales Tax 1 Motor Spirit 17% 20% 2 HOBC 17% 17% 3 Kerosene…

201508.22
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Change in the Criteria of Registration for Retailers

Vide SRO 738(I)/2015 dated 31.07.2015,  Federal Government has made amendments in Chapter-II (Special Procedure for Payment of Sales Tax by Retailers) of the Sales Tax Special Procedure Rules, 2007. Criteria for registration of retailers was changed through SRO 608(I)/2014 dated 02.07.2014 and retailers and trade bodies were consistently opposing the same. Now FBR has amended…