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,…
Federal Board of Revenue vide its letter No. 3(9)ST-L&P/2010/14 0007-R dated 14.10.2013 has extended the date of payment of Sales Tax, Federal Excise and filing of returns for Sales Tax and Federal Excise duty upto 23rd October, 2013 for the tax period September, 2013.
Federal Board of Revenue has extended the date of filing of income tax returns/Statement for the tax year 2013 up to 30 November, 2013 for those companies whose tax period ended any time between 1.07.2012 to 21.12.2012 as well as other persons for whom these had previously been due on or before 30.09.2013 but had…
Federal Government vide its Notification, SRO 946 (I)/2013 dated 25th October 2013, has directed that for the period from 21st June, 2013 to 29th June, 2013, sales tax shall be charged and collected on import as well as on local supply of goods at the rate of 16% which was previously liable to sales tax…
Federal Government has introduced certain changes with regard to concessionary rate of duty on import of kits by motorcycle manufacturers. For this purpose, the following two notifications have been issued:- 1) SRO 939(I)/2013 dated 21.10.2013 Through this SRO, amendments have been made in SRO 693(I)/2006 dated 01.07.2006. After this amendment, additional customs duty leviable under…
Following Amendments have been made in the Second Schedule of the Income Tax Ordinance, 2001 through SRO (I)/ 2013 dated October 2013: 1) A new clause (14A) has been inserted in Part II of the Second Schedule to the Income Tax Ordinance, 2001. As per new clause, rate of collection of tax in the case…
Sindh High Court has stayed the payment of Income Support Levy for the taxpayers who filed writ against the levy. Writs have also been filed in the Lahore High Court where the matter is at present pending, including the requests for grant of stay. It is suggested that all clients who want to challenge the…
