Federal Board of Revenue has made following amendments in SRO 210(I)/2009 dated 05.03.2009 (Duty Draw Back on export of leather products) through SRO 923(I)/2015 dated 08.09.2015. (i) Rate of duty draw back on finished leather of goat or sheep or kangaroo skin has been increased from 0.80% to 1.06% of FOB value, (ii) …
Federal Board of Revenue has issued Circular No.6 of 2015 dated 15.09.2015 extending date of filing of statements under section 165(2) of the Income Tax Ordinance, 2001 for the months of July-2015 and August-2015 up to 28.09.2015. The said Circular can be accessed here: http://akhtarali.com/federal-board-of-revenue/
Vide SRO 840(I)/2015 dated 20.08.2015, Federal Board of Revenue has introduced a new Sub-Chapter XVI ‘Imports and Exports at Border Customs Station’ in the Customs Rules, 2001 relating to procedure for import and export of cargo through border customs station by road. A copy of the said SRO can be found under the ‘Downloads’ tab…
Vide Circular No.2 of 2015 dated 01.09.2015, Punjab sales tax on the services provided by persons engaged in inter-city carriage of goods by rail or road (S.No.48) has been held in abeyance to the extent of transportation of oil through oil tankers and transportation of goods by informal non-corporate transporters of goods operating through “truck…
Vide SRO 738(I)/2015 dated 31.07.2015, Federal Government has made amendments in Chapter-II (Special Procedure for Payment of Sales Tax by Retailers) of the Sales Tax Special Procedure Rules, 2007. Criteria for registration of retailers was changed through SRO 608(I)/2014 dated 02.07.2014 and retailers and trade bodies were consistently opposing the same. Now FBR has amended…
Federal Board of Revenue vide its letter C. No. 3(9)ST-L&P/2010-112693 dated 17.08.2015 has extended the date of submission of return up to 21.08.2015. However, date of payment of sales tax has not been extended. The date of payment for the month of July-2015 shall remain the same as 17.08.2015 (15.08.2015 and 16.08.2015 were falling on…
Federal Government vide its notification No. SRO 837(I)/2015 dated 25.08.2015 has exempted whole amount of sales tax on supply of ‘Wheat Bran’ classified under heading 2302.3000.
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)…
NOTIFICATION (Income Tax) SRO. 1035(I)/2013 Newly inserted section 165A by the Finance Act, 2013 makes it mandatory for the bank to furnish the following information:- (a) a list containing information regarding deposits amounting to one million rupees or more during the preceding month; (b) information regarding payments made in respect of credit card exceeding or…
Vide SRO 492(I)/2015 dated 30.06.2015, confusion regarding exclusion of section 8B in case of zero rated supplies has been removed. The supply charged to reduced rate under notification 1125(I)/2011 have been excluded / exempted from the provisions of section 8B, provided that value of such supplies exceeds 50% of the total sales.
