06262016Sun
Last update: Sun, 26 Jun 2016 02am

Taxation

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The Federal Board of Revenue (FBR) has directed all field formations that all Inland Revenue Offices will observe extended working hours on June 29-30, 2016 ie until 10:00 pm on June 29 (Wednesday) and until 12:00 midnight on June 30 (Thursday). In this regard, the FBR has issued instructions to all Chief Commissioners and Collectors of Customs here on Friday. According to the FBR, the FBR has made arrangements for collection of duties /taxes on 29th and 30th June, 2016 by authorised branches of State Bank of Pakistan, National Bank of Pakistan, scheduled commercial banks and National Institute of facilitation technologies (NIFT).
The Federal Board of Revenue (FBR) has finally allowed deregistration to customs clearing agents from its tax system. According to a notice issued by the board, the clearing agents, who are not doing business in the territory of federal capital, are not required to continue their registration with the FBR. And if they do not discontinue their registration the tax returns have to be submitted on regular basis else legal action will be taken as per the law.
The acting president, Raza Rabbani, on Friday signed Finance Act, 2016, implementing sales tax/Federal Excise Duty (FED) relief measures from June 25, 2016 and regulatory duty (RD) on imported goods, a reduction in customs duties, concessionary/reduced rates of import duties, special concessions at imports and all customs tariff changes of First Schedule and Fifth Schedule of Customs Act, 1969.
The Federal Board of Revenue (FBR) has developed a software for automated verification of Sales Tax Registration Number (STRN) and deduction of applicable rates of sales tax from the vendors' claims submitted at accounting offices. The system will be implemented across all accounting offices from the start of the financial year 2016-17 and is expected to significantly enhance the performance of accounting offices in their role as withholding tax agents for the government, and contribute substantively to the government's sales tax collection.
The Federal Board of Revenue (FBR) has imposed 25 percent regulatory duty (RD) on the import of milk and cream, concentrated or containing sugar or other sweetening matter; whey powder and 15 percent RD tubular day lighting device from June 25, 2016. According to the S.R.O.475 (I)/2016 issued here on Friday, the FBR has amended S.R.O.568(I)/2014, dated the 26th June,2014 pertaining to the imposition of regulatory duty.
The Federal Board of Revenue (FBR) has imposed 10 percent customs duty on the import of grain oriented electrical steel sheet used in transformers; ethyl alcohol; paper & paper board Cellusose Wadding & Webs of Cellulose Fibers, Cated, Impregnated Covered Surface; epoxy resin; polyurethane resin; BOPP Film (Plain capacitor grade); BOPP Film (Metalized capacitor grade) and Polyester/Polypropylene seal film from July 1, 2016.
Directorate General of Customs Valuation Karachi Thursday has drastically downward revised customs values on the import of ceramic & porcelain tiles which is contested by local manufacturers on grounds that ruling was issued without considering actual cost of the locally produced tiles. It is leant that the directorate has issued valuation ruling number 874 of 2016 here on Thursday to reduce custom values on the import of a wide range of tiles including ceramic & porcelain tiles.