FBR has issued Federal Excise Notification No. SRO 822(I)/2011 with a view to restrict adjustment of Federal Excise Duty paid on beverage concentrate use in the manufacture of aerated waters. This adjustment has been restricted with a view to ensure that no refund claim accrues on account of use concentrate in aerated waters. At present excise duty on…
Federal Board of Revenue has issued instructions for filing of Sales Tax & Federal Excise Return. Board has directed manufacturers, importers and exporters to write down CNIC/NTN on the invoices issued to unregistered buyers. This direction is effective from 01.09.2011. This restriction is however not applicable on restaurants, bakers and sweet shops on their retail…
Federal Board of Revenue vide its letter C. No. 3(9)ST-L&P/2010 dated 10.08.2011 has extended the date of payment of taxes for the month of July 2011 up to 20.08.2011. Date of filing of Sales Tax/ Federal Excise return has also been extended up to 30.08.2011.
Federal Government vide SRO 727(I)/2011 dated 01.08.2011 has exempted sales tax on import of plant & machinery not manufactured locally and having no compatible local substitute. Procedure for exemption is laid down in the notification. If industrial user imports the said machinery, he will submit post dated cheque equal to the amount of sales tax…
The Federal Govt. has allowed an amnesty scheme for exemption of default surcharge and penalties provided that the outstanding arrears is paid before 30th June 2011. This amnesty is however, not available in cases of fraudulent refunds and tax frauds. Further Update Federal Board of revenue has issued a clarification vide its letter C. No….
Vide SRO 595(I)/2011 dated 10.06.2011, period of warehousing has been extended upto 30th June, 2011. Penal surcharge has also been remitted on the goods which will be cleared from the warehouse from 10.06.2011 to 30.06.2011. Vide SRO 601(I)/2011 dated 13.06.2011, rules for Pak-Afghan transit trade have been issued and Federal Board of Revenue has tried…
