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Finance

CBR asks vegetable ghee makers to pay 15 percent GST on byproducts

ISLAMABAD (January 20 2006): The Central Board Revenue (CBR) has asked the manufactures of vegetable ghee to pay 15 percent general sales tax (GST) on the by-products, including oxygen gas, soap and oil dirt. Official sources told Business Recorder here on Thursday that the manufactures of vegetable ghee have to pay 15 percent sales tax on the taxable by-products, including ...

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CBR extends e-filing date of sales tax returns

ISLAMABAD (January 20 2006): The Central Board of Revenue (CBR) has allowed the registered units of Large Taxpayers Unit (LTU), Karachi/Lahore and public/private limited companies to file their sales tax and federal excise returns manually without imposition of any fine/penalty and default surcharge for late filing of returns for the “tax period of November and December 2005” by January 31. ...

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Budget Exercise for Fiscal 2006-07: CBR invites proposals from stakeholders

ISLAMABAD (January 15 2006): The Central Board of Revenue (CBR) has started budget exercise for fiscal year 2006-07 by holding consultations with the private sector, tax practitioners, lawyers, federations/chambers and field formations. The CBR on Saturday issued instructions to all income tax bar associations to submit viable proposals for improving the rules and regulations pertaining to direct taxes. The CBR ...

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Customs to charge Re 1 per kg FED on edible oils import

ISLAMABAD (January 15 2006): The Central Board of Revenue (CBR) has directed all collectors of customs to collect federal excise duty (FED) at the rate of one rupee per kg at import stage from commercial/ industrial importers of edible oil, including crude oil and vegetable ghee and cooking oil. According to CBR directive to collectors of customs on Saturday, the ...

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Powers and jurisdiction of DGIIA officials revised

ISLAMABAD (January 15 2006): The Central Board of Revenue (CBR) has revised the powers and jurisdiction of the tax officials of Directorate General of Inspection and Internal Audit (DGIIA). The CBR has superseded SRO .722(I)92 and SRO 653(I)/2005 through SRO 36(I)/2006 issued on Saturday. According to the notification, the CBR has laid down the functions, powers and jurisdiction of the ...

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No extension in date for e-filing of sales tax returns

KARACHI (January 15 2006): The Central Board of Revenue (CBR) will not extend the date for filing of sales tax and federal excise returns electronically, and the last date for filing of these returns is Monday, January 16, 2006. Officials told Business Recorder on Saturday that although the last date for e-filing of returns is January 15, but due to ...

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RCITs directed to allocate NTNs to real estate investors

ISLAMABAD (January 14 2006): The Central Board of Revenue (CBR) has directed all Regional Commissioners' of Income Tax (RCITs) to allocate National Tax Numbers (NTNs) to real estate investors engaged in buying/selling of plots through housing societies, co-operative societies, land developers and real estate agents. The CBR on Friday issued a directive to the field formations to bring the real ...

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Monopoly Control Auhtority (MCA) penalises 18 cement units

ISLAMABAD (January 10 2006): The Monopoly Control Authority has imposed penalty of Rs 100,000, and Rs 10,000 per day, from the middle of November 2005, against 18 cement factories for non-compliance of its orders to reduce the ex-factory cement prices, by Rs 12 to Rs 60 per bag. The MCA Chairman, Bilal Ahmad, told Business Recorder that after hearing the ...

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SECP issues Prudential Rules for NBFCs

ISLAMABAD (January 10 2006): The Securities and Exchange Commission of Pakistan (SECP) has issued 'prudential regulations' for non-banking finance companies (NBFCs) which would be applicable with immediate effect. The regulations pertain to consumer finance and would be applicable on NBFCs. The objective behind the issuance of these regulations is to provide new avenues to investment banks, leasing companies, housing finance ...

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CBR to finalise arrangements for RTOs in Sindh

ISLAMABAD (December 31 2005): A CBR team has left for Karachi to finalise arrangements for setting up Regional Tax Offices (RTOs) in Sindh under the reform program. Tax managers, including Member Tax Policy and Reforms and Member Human Resource Management (HRM), will hold meetings with Directors-General, LTU/MTU and heads of other regional tax departments to work out the exact workforce ...

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