Vide SRO 580(I)/2014 dated 28.06.2014, Federal Government has made certain changes in SRO 559(I)/2008 dated 11.06.2008. Following amendments have been made in the notification:- 1- Concession on import of raw materials for Laundry Soap has been withdrawn. 2- Concession on import of following raw materials for manufacture of toilet soap has been withdrawn. i) …
SRO575(I)2006 dated 5th June 2006 relating to exemption of machinery etc. hasbeen withdrawn vide SRO564(I)2014 dated 26.06.2014.
Vide SRO565(I)2014 dated 26.06.2014, substantial changes have been made in SRO565(I)2006 dated 5th June 2006. Number of items eligible to concessionary rate of duty has been reduced to 59. The previous SRO covered more than 157 items. Treatment of each concession may be individually examined and queries, if any, may be raised. Main features of…
Federal Government vide SRO ____(I)/2014 dated 02.05.2014 has made an amendment in Part IV of the Second Schedule of the Income Tax Ordinance, 2001 by inserting a new clause (56B). By virtue of newly added clause provisions of section 148 (Advance tax on imports) shall not be applicable in respect of import of 200,000 metric tons…
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)…
1) Following important changes have been made by the Federal Government/FBR in the taxation regime:- Sales Tax Sales tax on the basis of retail price in respect of the following items has been abolished which means that these items will now be taxable on the basis of their ex-factory price:- TABLE S. No. Specified…
Income Support Levy Income Support Levy Act, 2013 was introduced through Finance Act, 2013. Rules have now been formulated by the Federal Board of Revenue through SRO 904(I)/2013 dated: 8th October 2013. Salient features of which are as under: 1) The Levy required to be paid under section 4 of the Income Support Levy Act,…
BR has selected Income Tax, Sales Tax and Federal Excise cases for audit through Balloting held on 13.09.2013 by Member (Audit) and CEO (PRAL). Number of cases are as under: FED-Corporate 11 FED-Non-Corporate 7 Sales Tax Corporate 570 Sales Tax Non-Corporate 4,381 Income Tax-Corporate 1,163 Income Tax-Non-Corporate 35,595 The list of NTNs selected for audit…
Federal Government has issued a notification vide SRO No. 648(I)/2013 dated 09.07.2013 wherein goods have been specified in respect of which further tax @1% shall not be charged. This notification has been made effective from 13.06.2013. Supply of following of goods shall not be liable to 1% further tax: 1- Electrical Energy to domestic and…
Federal Government has issued “Federal Excise Duty and Sales Tax on Production Capacity (Aerated Waters) Rules, 2013” vide SRO 649(I)/2013 dated 09.07.2013. These rules are effective from 10.07.2013. Manufacturers of aerated waters are now required to pay federal excise and sales tax on production capacity of the manufacturer. Every manufacture will file declaration in respect…
