ISLAMABAD: The Federal Board of Revenue (FBR) has allowed the facility of 100 per cent input tax adjustment to Pakistan LNG Limited (PLL).
The FBR has amended SRO 1190(I)/2019 through the issuance of SRO 242(I)/2024, here on Friday.
The exclusion from minimum payment of 10 per cent in terms of Section 8B of Sales Tax Act has been extended to the PLL through entry No 14 inserted in SRO 1190.
Input tax adjustment claims: FBR issues list of ‘HS codes’
Tax experts informed that all registered persons are allowed adjustments of input tax to the extent of 90 per cent under Section 8B and therefore, they are required to pay the minimum output of 10 per cent every month.
However, this minimum payment is subject to certain exclusions provided under notification 1190. Now a new entry is inserted to exclude the M/s PLL from mandatory payment of 10 per cent and allowing them full input tax adjustment of 100 per cent, they added.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.