The Federal Board of Revenue has extended the date for payment of taxes/duty for the tax period March 2011, and filing of Sales Tax/Federal Excise returns, up to April 20, 2011 for registered persons of five zero-rated sectors claiming benefit under SRO. 283(I)/2011 dated 01.04.2011. The FBR has issued instructions to the Chief Commissioners of the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) here on Friday.
Under the SRO. 283(I)/2011, sales tax zero-rating facility to five major export sectors (textile, carpets, leather, surgical and sports goods) has been revamped and rationalised. This new scheme will facilitate exports, reduce refunds, bring revenue gains on domestic consumption, promote economic documentation and attract transfer of investments from grey to white economy besides, easing out the cash flow of major export sectors, the FBR added.
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