ISSUING AUTHORITY: FEDERAL BOARD OF REVENUE
POWERS EXERCISED U/S: 50 of STA, 1990
NOTIFICATION NO: SRO. 353(1)/2020
DATE OF ISSUANCE: MAY 05, 2020
EFFECTIVE FROM: WITH IMMEDIATE EFFECT (i.e. MAY 05, 2020)
AMENDMENTS MADE IN: SALES TAX RULES 2006
COMMENTARY
Rule 111A Through this notification a new Rule 111A has been inserted whereby the various properties has been exempted for the purpose of recovery of tax from defaulters and FBR also restricted the tax officials not to attach the certain assets for recovery of tax from defaulters.
The following properties/assets has been exempted for attachment for the purpose of recovery of tax:
- the necessary wearing apparel, cooking vessels, beds and bedding of the defaulters, his wife and children, and such personal ornaments, as, in accordance with religious usage, cannot be parted with by any women.
- tools of artisans, and where the defaulter is an agriculturist, his implements of husbandry and such cattle and seed grain as may be necessary to enable him to earn his livelihood as such.
- houses and other buildings (with the materials and the sites and the land immediately appurtenant thereto and necessary for their enjoyment) belonging to an agriculturist and occupied him.
- books of account.
- a mere right to sue for damages.
- any right of personal service.
- stipends and gratuities allowed to a pensioner of the Government, or payable out of any service family pension fund notified in official Gazette by the Federal Government or the Provincial Government in this behalf, and political pensions;
- all compulsory deposits and other sums in or derived from fund to which the Provident Funds Act, 1925 (XIX of 1925), for the timc being applies in so far as they are declared by the Act not to be liable to attachment;
- any allowance forming part of the emoluments of any servant of Government or of any servant of a railway or local authority which the appropriate Government may, by notification in the official Gazette, declare to be exempt from attachment, and any subsistence grant or allowance made to any such servant while under suspension
- any expectancy of succession by survivorship or other merely contingent or possible right or interest and a
- right to future maintenance
Rule 150ZB(4) A new sub rule (4) is inserted, whereby it is made mandatory for all restaurants, bakeries, caterers and sweetmeat shops supplying prepared food, food stuff and sweetmeat to show the value of tax separately along with retail price on their menu card or display menu board in the outlets for the end consumer.
Rule 150ZEA (4) A new sub rule (4) is inserted, whereby it is made mandatory for all retailors to show prices and amount of tax separately on the price tags attached with finished fabric and locally manufactured finished articles of textiles and textile made ups and leather and artificial leather.
ISSUING AUTHORITY: FEDERAL BOARD OF REVENUE
POWERS EXERCISED U/S: 7 (4) of STA, 1990
NOTIFICATION NO: SRO. 352(1)/2020
DATE OF ISSUANCE: MAY 05, 2020
EFFECTIVE FROM: WITH IMMEDIATE EFFECT (i.e. MAY 05, 2020)
AMENDMENTS MADE IN: SALES TAX ACT, 1990
COMMENTARY
Adjustment/Transfer of
Common Input Tax Through this notification the Federal Government has allowed the registered Petroleum Exploration and Production Company serving as Operator in a joint venture to transfer share of common input tax to other registered persons/Working Interest Owners (WIOS) in the joint venture proportionate to their respective working interest. Other WIOs will adjust input tax so transferred by the operator against their respective output sales tax liability.
The Operator may transfer the relevant share in common input tax to other registered persons in the joint venture by issuing “CREDIT TRANSFER NOTE” showing the amount of sales tax involved with zero sales value.
- And common input tax of the operator shall be reduced by the same amount as mentioned in such note issued by him.
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