ANL 19.64 Increased By ▲ 1.41 (7.73%)
ASC 14.55 Increased By ▲ 0.78 (5.66%)
ASL 22.10 Decreased By ▼ -0.15 (-0.67%)
BOP 8.28 Increased By ▲ 0.22 (2.73%)
BYCO 7.79 Increased By ▲ 0.73 (10.34%)
FCCL 17.71 Increased By ▲ 0.30 (1.72%)
FFBL 22.26 Increased By ▲ 0.01 (0.04%)
FFL 15.89 Increased By ▲ 0.59 (3.86%)
FNEL 7.25 No Change ▼ 0.00 (0%)
GGGL 17.46 Increased By ▲ 1.22 (7.51%)
GGL 40.40 Increased By ▲ 2.80 (7.45%)
HUMNL 6.35 Increased By ▲ 0.42 (7.08%)
JSCL 18.48 Increased By ▲ 0.58 (3.24%)
KAPCO 35.15 Decreased By ▼ -0.07 (-0.2%)
KEL 3.42 Increased By ▲ 0.14 (4.27%)
MDTL 2.60 Increased By ▲ 0.28 (12.07%)
MLCF 34.90 Increased By ▲ 0.46 (1.34%)
NETSOL 120.99 Increased By ▲ 8.39 (7.45%)
PACE 5.00 Increased By ▲ 0.38 (8.23%)
PAEL 29.30 Increased By ▲ 1.50 (5.4%)
PIBTL 8.90 Increased By ▲ 0.20 (2.3%)
POWER 7.20 Increased By ▲ 0.05 (0.7%)
PRL 17.09 Increased By ▲ 0.99 (6.15%)
PTC 9.85 Increased By ▲ 0.40 (4.23%)
SILK 1.52 Increased By ▲ 0.04 (2.7%)
SNGP 47.25 Increased By ▲ 1.70 (3.73%)
TELE 17.38 Increased By ▲ 1.21 (7.48%)
TRG 167.90 Increased By ▲ 8.42 (5.28%)
UNITY 33.11 Increased By ▲ 1.91 (6.12%)
WTL 2.93 Increased By ▲ 0.17 (6.16%)
BR100 4,744 Increased By ▲ 67.03 (1.43%)
BR30 22,971 Increased By ▲ 921.41 (4.18%)
KSE100 45,275 Increased By ▲ 457.17 (1.02%)
KSE30 17,837 Increased By ▲ 195.07 (1.11%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,638
4124hr
Pakistan Cases
1,241,825
1,40024hr
3.17% positivity
Sindh
456,343
Punjab
429,655
Balochistan
32,875
Islamabad
105,217
KPK
173,353

ISLAMABAD: The Federal Board of Revenue (FBR) has notified September 1, 2021 as the effective date for applicability of two percent sales tax of the gross value of supplies on online market places.

The FBR Wednesday issued SRO 984(I)/2021 for the imposition of withholding tax on online market place under the eleventh schedule to the Sales Tax Act, 1990.

From September 1, 2021, the online market places facilitating the supply of goods owned by third-party suppliers are required to withhold sales tax at the rate of two percent of gross value of supplies made by persons other than active taxpayers.

According to the notification, SR090 (1)12021, in exercise of the powers conferred by sub-section (7) of section 3 of the Sales Tax Act, 1990, read with proviso to the entry in column (4) against S No 8 in the Eleventh Schedule to the said Act, the FBR is pleased to direct that the provisions of S No 8 of the Eleventh Schedule to the Sales Tax Act, 1990 shall be effective from September 1, 2021.

Under the Finance Act 2021, the provisions of this entry shall be effective from the date as notified by the board.

Importers: FBR to relax conditions for obtaining 'UUIs'

Now the FBR has notified the date for this is purpose. Now the board has issued notification for effective date of sales tax on supplies through online market place

The FBR has defined the “online market place” would cover e-commerce platform, portal or similar means, which facilitate sale of goods, including third-party sale.

According to the Finance Act 2021, the “online market place” includes an electronic interface such as a market place, e-commerce platform, portal or similar means, which facilitate sale of goods, including third-party sale by controlling the terms and conditions of the sale; authorising the charge to the customers in respect of the payment for the supply; or ordering or delivering the goods.

The two percent sales tax of gross value of supplies would be applicable on the online market place (persons other than active taxpayers).

Provided that the provisions of this entry shall be effective from the date as notified by the board, the Finance Act 2021 added.

Copyright Business Recorder, 2021

Comments

Comments are closed.