03-16-2011, 04:44 PM
Revenue Measures by FBR â 15th March 2011
Federal Government has taken various revenue measures today to achieve collection target of Rs. 1604.0 billion during 2010-11.
01. President of Pakistan has promulgated three Ordinances today on the advice of the Prime Minister whereby amendments have been made in the Sales Tax Act, 1990, Income Tax Ordinance, 2001 and Federal Excise Act, 2005. The following tax measures have been taken through these amendments
I.Sales tax at the rate of 17% has been imposed on tractors;
II.A one-time surcharge of 15% has been imposed on income tax payable during tax year 2011; and
III.Special excise duty rate has been increased from 1% to 2.5% for the remaining period of tax year 2010-11.
From when these changes are applicable?"
Federal Government has taken various revenue measures today to achieve collection target of Rs. 1604.0 billion during 2010-11.
01. President of Pakistan has promulgated three Ordinances today on the advice of the Prime Minister whereby amendments have been made in the Sales Tax Act, 1990, Income Tax Ordinance, 2001 and Federal Excise Act, 2005. The following tax measures have been taken through these amendments
I.Sales tax at the rate of 17% has been imposed on tractors;
II.A one-time surcharge of 15% has been imposed on income tax payable during tax year 2011; and
III.Special excise duty rate has been increased from 1% to 2.5% for the remaining period of tax year 2010-11.
From when these changes are applicable?"
