Federal Board of Revenue vide Circular 07 of 2015 dated 28.09.2015 has extended date of filing of withholding statements u/s 165(2) of the Income Tax Ordinance, 2001 up to 08.10.2015 for the periods July-2015 and August-2015. These statements were due on 15.08.2015 and 15.09.2015 respectively. The date of submission of these had already been extended up to…
The Federal Board of Revenue has extended the date of submission of Sales Tax/Federal Excise return and payment of sales tax and federal excise duty due upto 28th September, 2015 for the tax period August 2015, for all registered persons vide its Letter C. No. 3(9)ST-L&P/2010-131070-R dated 21.09.2015. A copy of the letter can be…
The Federal Board of Revenue has issued Valuation Ruling No.756 of 2015 whereby it has determined Customs Values of Electrolytic Tin Plate (ETP) and Tin Free Sheet (TFS) under section 25-A of the Customs Act, 1969. A copy of the ruling can be accessed here: http://akhtarali.com/federal-board-of-revenue/
Federal Board of Revenue has selected 75,871 cases for audit in respect of Sales Tax, Income Tax and Federal Excise. These cases are selected for the tax year 2014 (July-2013 to June-2014) through computer ballot. The Audit Policy and list of selected cases can be found on the following link http://akhtarali.com/federal-board-of-revenue/
The Lahore High Court has issued a stay order against the recovery of provincial sales tax on services provided by Practitioners and consultants (9815.2000), Corporate Consultants (9850.0000) and Tax Consultants (9851.0000) vide its Order dated 09.09.2015. A copy of the stay order can be accessed here: http://akhtarali.com/provincial-sales-tax-authorities/
Federal Board of Revenue has made following amendments in SRO 210(I)/2009 dated 05.03.2009 (Duty Draw Back on export of leather products) through SRO 923(I)/2015 dated 08.09.2015. (i) Rate of duty draw back on finished leather of goat or sheep or kangaroo skin has been increased from 0.80% to 1.06% of FOB value, (ii) …
Federal Board of Revenue has issued Circular No.6 of 2015 dated 15.09.2015 extending date of filing of statements under section 165(2) of the Income Tax Ordinance, 2001 for the months of July-2015 and August-2015 up to 28.09.2015. The said Circular can be accessed here: http://akhtarali.com/federal-board-of-revenue/
Vide SRO 840(I)/2015 dated 20.08.2015, Federal Board of Revenue has introduced a new Sub-Chapter XVI ‘Imports and Exports at Border Customs Station’ in the Customs Rules, 2001 relating to procedure for import and export of cargo through border customs station by road. A copy of the said SRO can be found under the ‘Downloads’ tab…
Vide Circular No.2 of 2015 dated 01.09.2015, Punjab sales tax on the services provided by persons engaged in inter-city carriage of goods by rail or road (S.No.48) has been held in abeyance to the extent of transportation of oil through oil tankers and transportation of goods by informal non-corporate transporters of goods operating through “truck…
