In recent weeks there is lot of discussion and debate as to what is the difference between Value Added Tax (VAT) and General Sales Tax (GST) in the context of Pakistan. The issue has further been confused by statements emanating from the government high ups who are insisting that VAT is to be introduced w.e.f…
Federal Government vide its notification No. SRO 254(I)/2015 dated 30.03.2015 imposed 25% regulatory duty on import of wheat, Wheat Flour(Aatta), Maida and Semolina (Suji). Previously only import of wheat was subjec to 20% regulatory duty on its imports.
Federal Government vide its notification No. SRO 255(I)/2015 dated 31.03.2015 reduced rate of sales tax on import and supply of High Speed Diesel Oil from 37% to 32% w.e.f. 01.04.2015
Federal Government vide its notification No. 175(I)/2015 dated 27.02.2015 changed rate of sales tax on petroleum products. New rates w.e.f. 01.03.2015 are as under: 1- Petrol / Motor Spirit / Hi-Octane 18% 2- Kerosene Oil …
Vide SRO 188(I)/2015 dated 05.03.2015 Federal Government has introduced Chapter XV ” Special Procedure for Sales Tax on Cottonseed Oil Expelled by Oil Expelling Mills and Composite Units of Ginning and Expelling” in the Sales Tax Special Procedure Rules, 2007. Salient features of the rules are as under: 1- Sales tax shall be levied @…
Federal Government has made certain amendments in its notification No. SRO 568(I)/2014 dated 26.06.2014 through SRO 246(I)/2015 dated 27.03.2015. Following new items have been included in the list of goods which will be subject to regulatory duty. Rate of regulatory duty is also mentioned against each item: 1- Flat- rolled products of iron or non-…
Punjab Revenue Authority has issued new withholding rules. By virtue of new rules certain features have been changed including withholding agents. These changes are as under: 1- Following persons are also declared as withholding agent in addition to earlier categories: a- All companies b- Registered persons receiving taxable services from unregistered persons. 2- Insurance services…
Federal Government vide Vide SRO 84(I)/2015 dated 28.01.2015 has granted exemption from payment of sales tax on import and local supply of raw materials for manufacture of pharmaceutical active ingredients and pharmaceutical products. However, such ingredients shall be entitled for exemption on import which are included in the Fifth Schedule of the Customs Act, 1969…
Federal Government has made certain amendments in its notification No. SRO 568(I)/2014 dated 26.06.2014 through SRO 121(I)/2015 dated 12.02.2015. Rate of regulatory duty on certain items have been increased from 5% to 10% or 156%. Following new items have also been subject to regulatory duty. Sr. No. Description PCT Heading 1 Dyes for hair 3305.9020…
Federal Government vide SRO 85(I)/2015 dated 28.01.2015 has made amendments in the Chapter-II (Special Procedure for Payment of Sales Tax by Retailers) of the Sales Tax Special Procedure Rules, 2007. Through these amendments, these rules have been made applicable on Jewelers as well. While determining the value of taxable supply of a jeweler, he will…
