Changes During June ,2017
The said notification can be accessed here: https://drive.google.com/open?id=0BwUI-PxfjgugVnpua284blJFdUdHNks2RGVZRFJaZ2FHV0xJ
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
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…
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…
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
Input tax adjustment in respect of sales tax paid on services allowed vide the Tax Laws (Amendment) Ordinance, 2016.
Section 2(14) of the Sales Tax Act, 1990 has been amended by the Tax Laws (Amendment) Ordinance, 2016. By virtue of the amendment, input tax adjustment in respect of sales tax paid on services has been allowed.
Update on agreement between Federal Government and SRB in respect of input tax adjustment of sales tax paid on services.
Dear Clients, It is informed that an agreement has been singed today between the Federal Government and SRB for allowing input tax adjustment of sales tax paid on services. Similar agreement is expected today with PRA as well. Ordinance and requisite notification are likely to be issued by 1st September, 2016.
Change in the rate of sales tax on petroleum products with effect from 1st August, 2016
Vide SRO 500(I)/2016, dated 30.07.2016, the Federal Government has specified new rates of sales tax for petroleum products w.e.f. 01.08.2016. The new rates are as under:- S.No. Description PCT heading Sales Tax Rates 1. Motor spirit excluding HOBC 2710.1210 17% ad valorem 2. HOBC 2710.1210 17% ad valorem 3. Kerosene 2710.1911 5% ad valorem 4….
Extension in the date of payment of sales tax and federal excise duty and submission of sales tax and federal excise return for the tax period of June, 2016.
The Federal Government has extended the date of payment of sales tax and federal excise duty from 15.07.2016 to 18.07.2016 and the date of submission of sales tax and federal excise return from 18.07.2016 to 21.07.2016 for the tax period of June, 2016.
Fixation of value for white crystalline sugar for import and local supplies.
Vide SRO 492(I)/2016 dated 30.06.2016, FBR has fixed value of white crystalline sugar for import and local supplies as under: (i) Import US$ 725 per MT. (ii) Locally produced sugar Rs. 56 per Kg. The notification will take effective from 01.07.2016.