President of the Islamic Republic of Pakistan has issued Sales Tax (Amendment) Ordinance, 2014 to make amendments in the Sales Tax Act, 1990. Through this ordinance, following amendments have been made: 1- Sub-section (8) of Section 3 has been substituted. By virtue of this amendment, gas distribution companies at the time of supply of gas…
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)…
Federal Board of Revenue has issued a ‘Public Notice’ vide its letter C. No. 1(1)M(IR-Policy)/2014 dated 31.03.2014 to clarify the effect of amendment in section 3(8) of the Sales Tax Act, 1990 through the Sales Tax (Amendment) Ordinance, 2014 and impact of SRO ___(I)/2014 dated 31.03.2014. FBR has clarified that by virtue of such amendments,…
Federal Board of Revenue vide SRO 202(I)/2014 dated 18.03.2014 has made amendments in Chapter XV(Warehousing) of the Customs Rules, 2001. By virtue of this amendment condition of furnishing insurance policy to obtain license for warehousing has been abolished. Previously applicant was required to provide comprehensive Insurance Policy covering risks of fire, burglary, riots, strikes etc.
