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.
Federal Board of Revenue vide SRO _____/2014 dated 28.02.2014 has made cahnges in the Federal Excise Duty and Sales Tax on Production Capacity (Aerated Water) Rules, 2013 as notified vide SRO 649(I)/2013 dated 09.07.2013. By virtue of these amendments following changes are made in the rules. 1- Rate per filing valve or spout has been…
Federal Government vide SRO ____(I)/2014 dated 28.02.2014 has made amendment in SRO 490(I)/2004 dated 12.06.2004. Through this amendment, Federal Government has introduced capping of adjustment on aerated water manufacturers. Now aerated water manufacturers can only adjust 72% of their output tax liabilities against their input tax. Excess amount will be carried forward to the next…
Due date, through Circular No. 01 of 2014 dated 28th February, 2014 for the filing of Income Tax returns under amnesty scheme has been extended from 28th February, 2014 to 30th April, 2014.
Federal Government has issued a notification No. SRO____/(I)/2014 dated 26.01.2014. Through this notification Federal Government has notified that input tax paid on services liable to provincial sales tax shall be treated as input tax for the purposes of the Sales Tax Act, 1990. This notification has been made effective from 01.07.2013. Issuance of this SRO…
Due date, through Circular No. 01 of 2014 dated 28th February, 2014 for the filing of Income Tax returns under amnesty scheme has been extended from 28th February, 2014 to 30th April, 2014.
Federal Board of Revenue has extended date of filing of Income Tax returns under the Prime Minister Amnesty Scheme introduced vide under Clause (87) and (88) of Part IV of the Second Schedule of the Income Tax Ordinance, 2001. Now Income Tax returns under these clauses can be filed up till 30.04.2014.
Punjab Revenue Authority vide its notification No. SO (TAX) 1-1/2013-14 dated 12.02.2014 has made the following amendments in the Second Schedule of the Punjab Sales Tax on Services Act, 2012 (Taxable Services): Services of Construction are liable to standard rate of sales tax (i.e. 16% of the value of services) instead of reduced rate of…
