AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

The Federal Board of Revenue (FBR) on Wednesday issued a new SRO for its sales tax amnesty scheme, extending its deadline till June 30 this year. The defaulters have been instructed to avail the waiver on default surcharge and penalty in illegal input tax adjustment by that date and deposit 25 percent of the principal amount of sales tax by June 30 this year.
In this connection, the FBR has issued SRO774(I)/2012 to announce the new sales tax amnesty scheme for persons who have illegally claimed input tax adjustment. Under the new scheme, the FBR has given facility to registered persons to pay the principal amount of sales tax in monthly instalments with first instalment payable on August 31. The scheme is expected to play a key role in generating additional revenue in the remaining three days of June, sources said.
The SRO774(I)/2012 also initiates a new scheme, waiving off default surcharge and penalty in cases of illegal input tax adjustment subject to the condition that the 25 percent of the principal amount of illegally adjusted sales tax is paid by June 30 this year. The remaining 75 percent of the principal amount should be paid by December 31 of this year in five equal monthly instalments with first instalment payable on August 31.
Any case, complaint or proceedings filed by the registered person before any court of law, Federal Tax Ombudsman or any other authority is withdrawn by December 31, 2012, notification said. The benefit so provided shall cease to exist ab initio in case of failure of payment in the government exchequer as per the conditions laid down in the SRO, it added.
Meanwhile, a press release issued by the FBR here on Wednesday said: Federal Board of Revenue has taken yet another step to further facilitate tax payers. Today, SRO 774(I)/2012 dated June 27, 2012 is issued which supersedes the earlier SRO 606(I)/2012 dated June 1, 2012 which exempted default surcharge and penalties on outstanding Sales Tax on account of illegally adjusted input tax. The condition for this earlier exemption was that the full principal amount (illegally adjusted) is paid by June 30 this year. The new SRO further eases requirements for compliance.
According to the new SRO, default surcharge and penalties payable on outstanding illegally adjusted input tax shall be exempt if the tax payer pays twenty-five percent of the principal amount of illegally adjusted Sales tax by 30th June, 2012. The remaining seventy-five percent of the principal amount is to be paid in five equal monthly instalments by 31st December, 2012 with the first instalment payable on 31st August, 2012.
The condition of withdrawal of cases, complaints or proceedings filed by the tax payer before courts of law, FTO or any other authority has also been extended to 31st December, 2012. According to the new SRO, the benefit so provided shall cease to exist ab initio in case of failure of payment in the government exchequer as per the conditions laid down in the SRO. The SRO is also available at FBR website www.fbr.gov.pk., press release added.

Copyright Business Recorder, 2012

Comments

Comments are closed.