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People enrolled prior to July 1, 2000 entitled to exemption from sales and additional taxes

ISLAMABAD (July 31 2003) : People registered/enrolled before July 1, 2000 would be entitled to exemption from the entire amount of the sales tax/additional tax payable on supplies made by them prior to registration/enrolment.

The CBR has amended SRO 500 (I)/2003 through an SRO 744 (I)/2003 issued here on Wednesday.

Previously, category of people registered or enrolled before July 1 2000, were entitled to exemption of sales tax and additional tax payable on supplies made before July 1, 2000.

Official sources said that the SRO 500 (I)/2003 was voluntary in nature and requires payment of sales tax at 2 percent of the turnover declared with the income tax authorities by the categories of people mentioned therein to avail of its benefit.

It also grants amnesty from audit as well as certain amount of sales tax to those people who avail it.

The people against whom the cases have already been made out or contravention report or audit observation had been issued for any short levied/short paid amount or tax evasion/tax fraud, are not entitled for exemption from payment of sales tax under the SRO.

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