PROPOSED AMENDMENTS IN INCOME TAX ORDINANCE, 2001 HIGHLIGHTS Income Tax Separate withholding tax rates introduced for filers and non-filers, a filer being a person whose name appears on the active taxpayers’ list of FBR or who holds a taxpayer’s card. Bonus shares received by a shareholder to be treated as income subject to deduction of…
Federal Board of Revenue has issued SRO 422(I)/2004 to give immediate effect to the proposed enhancement of Federal Excise duty on Cigarettes vide Finance Bill, 2015. These rates have been made effective from 04.06.2014. The new rates of federal excise duty on cigarettes are as under:- TABLE S. No. Description PCT heading Rate of Duty…
Federal Government issued SRO 326(I)/2014 dated 25.04.2014 amending SRO 567(I)/2006 dated 05.06.2006. By virtue of the amendment, facility of concessionary import of cotton yarn has been abolished.
Federal Government has imposed 25% regulatory duty on export of potatoes falling under PCT heading 0701.9000 vide SRO ____(I)/2014 dated 02.05.2014 w.e.f. 05.05.2014.
Federal Government has made an amendment in SRO 808(I)/2009 dated 19.09.2009 vide SRO ____(I)/2014 dated 02.05.2014, . Through this amendment, Federal Government has waived–off 25% regulatory duty on import of 200,000 metric tons for the period from 05.05.2014 to 31.07.2014.
Federal Government has made amendments in SRO 549(I)/2008 dated 11.06.2008 vide SRO ____(I)/2014 dated 02.05.2014 by adding a new serial No. 12 which entitles import of 200,000 metric tons of potato imported between 05.05.2014 to 31.07.2014 for zero-rating of sales tax. Such imports shall be charged to 0% sales tax on import stage.
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…
Government of Punjab vide its Notification No. SO(TAX)1-1/2013-14 dated 13.05.2014 has made an amendment in the Second Schedule (Taxable Services) of the Punjab Sales Tax on Services Act, 2012. Through this amendment sales tax @16% levied on services provided by a foreign exchange dealer or exchange company or money changer classifiable under heading 9813.9000 and…
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…
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…
