Taxation: Pakistan Taxation Updates - 17 March to 18 March, 2010

Pakistan Taxation Updates - 17 March to 18 March, 2010
Thursday, March 18, 2010

Provincial assemblies: provinces asked to introduce model VAT drafts legislation

Sohail Ahmed, Chairman Federal Board of Revenue (FBR) has said that the special federal cabinet meeting here on Wednesday directed all four provincial governments to introduce model drafts legislation prepared by Federal Board of Revenue (FBR) in their provincial assemblies by March 31, 2010.

FBR to introduce steps to ensure documentation

The Federal Board of Revenue (FBR) is planning to introduce a major measure for documentation under the new value-added tax (VAT) law to obtain particulars, including computerised national identity card (CNIC) number or National Tax Numbers (NTNs), of the buyers, whether registered or not, on the VAT invoice, from July 1, 2010.

Customs allows steel products on provisional assessment

Pakistan Customs has allowed release of three imported secondary steel flat products, which Import Trade Price was raised during the last week, on provisional assessment under section 81 to save the importers from demurrages. Sources said customs announced this relaxation on the demand of the steel importers, which earlier announced to reject the new Import Trade Price (IPT) of Cold Rolled Coiled (CRC), Hot Rolled Coiled (HRC) and Galvanised Products (GP sheets).

Customs urged to withdraw steel items valuation advice

The President of Karachi Iron and Steel Merchants Association (Kisma), Shamoon Bakir Ali, has urged the Director-General, Customs Valuation, to withdraw the new valuation advice issued by Director Valuation.

There'll be no fee for VAT registration: Rauf

The Federal Board of Revenue (FBR) would not charge any fee for new registrations under the Value Added Tax (VAT) regime from July 1, 2010. Sharing salient features of the new VAT law, Israr Rauf FBR Member Direct Tax Policy informed the Senate Standing Committee on Finance that there would be no fee for VAT registration.

No power to FBR for granting exemptions: Senate body briefed on VAT law

The Senate standing committee on finance was informed that the new value-added tax (VAT) law would withdraw powers of the Federal Board of Revenue (FBR) to grant exemptions through statutory regulatory orders (SROs) or special orders to any items or sector.

Government urged to put off implementation of VAT

The Lahore Chamber of Commerce and Industry (LCCI) on Wednesday urged the government to put off the implementation of Value-Added Tax (VAT) until and unless a consensus is developed among all the stakeholders, including all the chambers and trade bodies in the country.

Increase in tax-to-GDP ratio through VAT: lawmakers assure FBR of all-out support

Parliamentarians have assured the Federal Board of Revenue all-out support to increase the tax-to-GDP ratio by bringing the undocumented economy into the tax net through implementation of Value Added Tax by July 1, 2010. Senate Standing Committee on Finance met with Senator Ahmed Ali in the chair on Wednesday was of the view that Parliament should support the new system designed to increase the revenue collection.

AGP unearths Rs 46.537 billion irregularities by FBR: PAC to take up audit report today

The Auditor-General of Pakistan (AGP) has unearthed financial and procedural irregularities to the tune of Rs 46.537 billion on indirect taxes side for 2008-09. Sources told Business Recorder here on Tuesday that the Public Accounts Committee (PAC) would take up the matter of irregularities of the Federal Board of Revenue (FBR) on Wednesday.

Labels: Taxation Updates