Proposed Changes in the Sales Tax Act, 1990 through Finance Bill 2017-18
The proposed changes can be accessed here: https://drive.google.com/open?id=0BwUI-PxfjgugUHotOXE3eVdsUGM4aTJiQWhTbnN3amY0cVZr
Duty drawback for manufacturer-cum-exporters subject to certain conditions
Vide notification No. 1(42)TID/17-RDA dated 23.01.2017, Ministry of Textile has issued order for duty drawback to manufacturer-cum-exporter subject to certain conditions. List of PCT headings in respect of goods entitled for drawback are listed in the notification. Category wise rate of duty drawback is as under: Greige Fabric and Yarn 4% Processed Fabric 5% Made-Ups …
Exemption of customs duty on certain goods
Vide SRO 39(I)/2017 dated 23.01.2017, Federal Government has exempted customs duty on goods falling under heading No. 52.01 (cotton, not carded or combed), 52.03 (cotton, carded or combed), 5503.1100 (Synthetic staple fibre of aramids), 5503.1900 (Other synthetic staple fibre of aramids), 5503.3000 (Acrylic or modacrylic polyesters), 5503.4000 (Polyesters of Polypropylene), 5503.9000 (other polyesters), 5504.1000 (Artificial…
Amendments in SRO 1178(I)/2015, dated 30.11.2015 vide SRO 38(I)/2017, dated 23.01.2017
Vide SRO 38(I)/2017 dated 23.01.2017, Federal Government has made certain amendments in SRO 1178(I)/2015 dated 30.11.2015. Vide this amendment, 1% additional customs duty shall not be charged on import of goods falling under heading No. 52.01 (cotton, not carded or combed), 52.03 (cotton, carded or combed), 5503.1100 (Synthetic staple fibre of aramids), 5503.1900 (Other synthetic…
Income tax @0.4% on banking transactions of non-filers extended till 31.03.2017
Vide SRO 37(I)/2017 dated 23.01.2017, Federal Government has extended the period of operation of SRO 811(I)/2016, dated 31.08.2016, till 31.03.2017, wherein amendment was made in Division XXI of Part IV of the Income Tax Ordinance, 2001. Through this amendment income tax @ 0.4% will be charged on banking transactions of non-filer for the period up…
Amendments in SRO 1125(I)/2011, dated 31.12.2011 vide SRO 36(I)/2017, dated 23.01.2017
Vide SRO 36(I)/2017 dated 23.01.2017, Federal Government has made amendments in SRO 1125(I)/2011, dated 31.12.2011. Following amendments have been made in the notification: – (a) Textile units registered with Ministry of Textile will be entitled to import machinery @zero% sales tax subject to the conditions that the machinery is not manufactured locally and conditions of…
Changes in Income Tax Ordinance, 2001 through the Income Tax (Amendment) Act, 2016
The changes can be accessed here: https://drive.google.com/open?id=0BwUI-PxfjgugZlNmRjdlbFZ3RTd2UG1qVlNHSjZuMnhQRktZ
Procedure for grant of zero-rating on purchase of Furnace Oil, Diesel Oil and Coal in terms of SRO 1125(I)/2011
Federal Board of Revenue has issued procedure for grant of zero-rating on purchase of Furnace Oil, Diesel Oil and Coal in terms of SRO 1125(I)/2011 dated 31.12.2011. FBR has issued Sales Tax General Order No. 107 of 2016 dated 20.09.2016. STGO is a cyclostyle copy of STGO 117 of 2015 dated 14.07.2015 issued for specifying…
Increase in regulatory duty on import of wheat
Federal Government has made amendment in SRO 254(I)/2015 dated 30.03.2015 vide SRO. 854(I)/2016 dated 09.09.2016. Vide this amendment regulatory duty on import of wheat (PCT heading 1001.1900 and 1001.9900) has been enhanced to 60% of the value of imports.
Extension in date of filing of sales tax and federal excise return for August 2016
FBR has extended date of filing of sales tax and federal excise return for the month of August 2016 as follows: Annex-C – 19/09/2016 Payment – 22/09/2016 Submission of return – 23/09/2016