The Federal Government has issued a notification SRO 47(I)/2012 dated 20.01.2012. By virtue of this notification excise duty on air tickets have been slightly enhanced from the duty already prescribed against Sr. No.3 of Table II of the First Schedule to the Federal Excise Act, 2005
The Federal Government has again revised scheme for five zero-rated sectors and has issued notification No. S.R.O. 1125/I/2011 dated 31st December, 2011. The benefit of this notification is available to Manufacturers, Importers, Exporters, Wholesaler and Retailers of textile, carpets, leather, sports and surgical goods/sectors. The rate is either zero or five percent with full availability…
1. FBR has finally agreed to suspend the operation of SRO 821(I)/2011dated 06.09.2011 requiring manufacturers, importers and exporters to indicate NTN / CNIC No. of their buyers on their invoices and in their sales tax returns. The requisite letter is likely to be issued on Monday, the 24th of October, 2011. 2. FBR has issued…
Date for filing of sales tax and federal excise returns for the months of July and August, 2011 has been extended upto 26th of September 2011
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.
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…
