PTI government proposes to rescind SRO 1125

KARACHI: PTI government has proposed to rescind SRO 1125(I)/2011, thus restoring standard rate of 17 percent on import of raw materials by five value added export oriented sectors. [the_ad id=”32940″]SRO 1125(I)/2011 provides for zero-rate of sales tax on inputs and products of five export-oriented sectors i.e. textile, leather, carpets, sports… Continue reading

Misuse of SRO. 1125(I)/2011: Customs Intelligence detects evasion of Rs31.43 million

KARACHI: Customs Intelligence & Investigation Karachi has booked M/s M.A. Textiles for evasion of duty and taxes worth Rs31.43 million on import of polyester/viscose textured yarn through claim undue benefit if SRO 1125(I)/2011.[the_ad id=”31605″]Information was received through Director Karachi Irfan Jawaid that M/s. M.A. Textiles having manufacturing address of A-25,… Continue reading

Non-updating of WeBOC system delays clearance of textile raw material

KARACHI: As the Federal Board of Revenue (FBR) has been unable to incorporate the  recently notified amendments in the WeBOC system, the imported consignments of textile industry raw material are piling up awaiting clearance. It may be mentioned here that Federal Government in the federal budget 2018-19 has divided the… Continue reading

Taxpayer to be audited only once in three years

KARACHI: Finance Bill 2018 seeks to impose a restriction that sales tax and federal excise audit of a registered person can be conducted only once in three years. The Bill also proposes exemption from federal excise duty on commission paid by State Bank of Pakistan (SBP) and its subsidiaries to… Continue reading

FIA initiates inquiry into misuse of SRO 1125

KARACHI: Federal Investigation Agency (FIA) – Anti-corruption-circle – has initiated an inquiry regarding misuse of concessionary SRO 1125(I)/2011 and approached Chief Collector Appraisement South seeking complete record of imports on which exemptions were availed by the importers. FIA has sought record pertaining to the import of sodium metabisulphite (2832.1090) throughout… Continue reading

Inland Revenue conducts inquiry into misuse of SRO 1125

KARACHI: Commissioner Regional Tax Office-III, Karachi has taken notice of misuse of SRO 1125(I)/2011 by fake importers and manufacturers. The investigation and prosecution branch of RTO-III is conducting investigation against registered persons who are involved in the misuse of SRO 1125(1)/2011. It was reported by the Assistant Commissioner-IR of the… Continue reading

MCC Appraisement West detects misuse of SRO 1125(I)/2011

KARACHI: MCC Appraisement West has detected misuse of benefit of sales tax for import of styrene butadiene rubber under SRO 1125(I)/2011. Information was received through Collector MCC Appraisement West Shahnaz Maqbol regarding the extension of benefit of zero rated sales tax for the import of styrene butadiene rubber 1502 (SBR)… Continue reading

Appraisement South suspends implementation of SRO 1125(I)/2011

KARACHI: Customs Appraisement South has temporarily suspended implementation of concessionary SRO 1125(I)/2011 for a large number of importers including Service shoes industry. Collector Appraisement West Shahnaz Maqbool found that SRO 1125(I)/2011 was widely been misused causing loss to the national exchequer, primarily because of the confusions and contradictory provisions in… Continue reading

Customs Appraisement takes up to streamline SRO 1125 use

KARACHI: Collector Appraisement West Shahnaz Maqbool has approached Federal Board of Revenue (FBR) seeking clarifications pertaining to various provisions of SRO 1125(I)/2011, as the confusion created by over a dozen amendments in the SRO has left doors wide open for misuse. Shahnaz Maqbool has taken the task to plug revenue… Continue reading

Sales tax rationalized to increase government revenue

KARACHI: In order to arrest the declining revenue trends, the federal government has proposed to revise and raise incidence of sales tax on various imports and sectors. Steel sector is currently paying sales tax on the basis of consumption of electricity at the rate of Rs. 9.0 per unit of… Continue reading