Taxation Updates - From 01-06-09 to 06-06-09
Saturday, June 6, 2009
The Federal Board of Revenue (FBR) has imposed regulatory duty (RD), at the rate of 15 percent ad valorem, on export of molasses, with immediate effect. According to SRO 321(I)/2009 issued here on Saturday, 15 percent RD would be applicable on export of molasses.
No WHT exemption certificate on iron, steel supply:
The Federal Board of Revenue has rejected issuance of withholding tax exemption certificate on the supply of iron and steel products used as raw materials in the finished products such as auto parts by local manufactures
Industries Ministry lobbying to raise regulatory duty on molasses export:
The Ministry of Industries and Production is reported to be lobbying to raise regulatory duty (RD) on molasses export from 15 percent to 25 percent on the insistence of some top policy makers, sources in the Ministry told Business Recorder.
Property CVT to be deposited through new challan form:
The purchasers of the immovable property, including commercial and residential property within urban areas, are required to deposit the capital value tax (CVT) under the new challan form. In this connection, the FBR has amended the CVT Rules 1990 through SRO 416(I)/2009 issued here on Wednesday. The Federal Board of Revenue (FBR) has issued new CVT challan form on property transactions to introduce the system of Computerised Payment Receipt (CPR) by banks.
Penal surcharge for warehouse goods waived:
The Chairman, LCCI Standing Committee on Liaison with FBR, Aftab Ahmad Vohra has lauded the issuance of SRO 404 (I)/2009, wherein the Ministry of Finance, Economic Affairs, Statistics and Revenue have allowed to keep the warehouse goods in the warehouse till June 30, 2009 without any penal surcharge.
Sindh plans to raise sugarcane support price by 22 percent:
ITBA takes note of amendments to Income Tax Rules 2002:
Income Tax Bar Association (ITBA) has taken a serious note to the amendments made in Income Tax Rules 2002 vide SRO No 392(1) 2009 dated May 19th, even though the Bar and other Stakeholders had objected to the amendments.