Federal Government has made further amendments in SRO 1125(I)/2011 relating to five zero-rated sectors i.e. Textile, Leather, Carpet, Sports and Surgical Goods. A new tabel (Table-II) has been introduced in respect of finished articles of leather, artificial leather, textile and textile made-ups. The changes in the notification will have following effect: 1- Finished articles of…
Federal Government vide its notification SRO ____ dated _____ has made certain amendments in the Third Schedule of the Sales Tax Act, 1990 and entries appearing at serial No. 22 and 36 have been omitted. Following goods shall not be liable to payment of sales tax by manufacturer on retail price basis. 22- Finished or…
CHANGES IN CUSTOMS ACT, 1969 THROUGH FINANCE BILL 2013-14 Section 2 Definitions Scope of definition of ‘Goods Declaration’ has been enlarged to cover ‘transhipment of goods’ (TP). Section 3DDD Directorate General of Input Output Co-efficient Organization. A new section has been inserted to create Directorate General of IOCO. Section 14-A Provision of security and…
SALIENT FEATURES INCOME TAX Basic exemption limit is neither enhanced for salaried taxpayers nor for non salaried taxpayers. Two further slabs are added which results in increase in rates charged to high earners. Six further slabs are added which results in increase in rates charged to high earners. Marginal relief is withdrawn. Existing five slabs…
Section 2 Definitions It is proposed that in section 2, after clause (24), the following new clause be added:- “(24A) “whistleblower” means whistleblower as defined in section 42D of the Federal Excise Act, 2005” The definition of whistleblower as contained in section 42D is reproduced hereunder for ease of reference:- “For the purpose of…
Federal Government has amended Sales Tax Special Procedure Rules, 2007 vide amending notification No.SRO 367(I)/2013 dated 08.05.2013. Before issuance of this SRO, value addition tax @ 3%, in addition to the standard 16% rate of sales tax, was applicable on import of goods except goods imported by a manufacturer for in-house consumption. The service providers,…
The Government of Punjab has issued notification No. SO(TAX)1-1/2013-14 dated 22.05.2013, wherein certain services have been subjected to sales tax under The Punjab Sales Tax on Services Act, 2012. This notification shall have immediate effect. The list of services subjected to tax is as under: – 1. Sales tax @ 16% has been imposed on…
Federal Government has issued SRO 450(I)/2013 dated 27.05.2013 vide which SRO 490(I)/2004 dated 13.06.2004 has been amended. Under SRO 490(I)/2004, input tax in respect of certain items was disallowed. The scope of the SRO has been expanded by the amending SRO and the input tax of the following items has also been disallowed w.e.f. 27.05.2013:-…
“FBR has made certain amendments in the procedure for maintenance of Active Taxpayers List vide STGO 16 of 2013 dated 11.04.2013. Certain new eventualities have been added for removal of name of the taxpayer from the list besides the discrepancies already mentioned in STGO 34 of 2010 dated 16.09.2010. 1- Now name of a taxpayer…
FBR has issued SRO 334(I)/2013 to abolished the condition of NTN for selling the motor cars by the assemblers/manufacturers. This condition was imposed vide condition (xi) of SRO 656(I)/2006 dated
