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OVERVIEW OF FEDERAL EXCISE DUTY |
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Written by Administrator
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The Federal Excise Act, 2005, was promulgated with effect from 1st
July, 2005, repealing the Central Excises Act, 1944. Following are some
of the significant changes brought about by the new Act:
The word “Federal” was used in place of “Central”. Therefore, now the
term “Federal Excise Duty” is more appropriate as compared to old
“Central Excise Duty” for the duties of excise levied under the 2005
Act. The system of physical supervision has been entirely done away with
and now all clearances will be self-assessed and no prior permission
for clearance will be required. |
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Explanatory Notes for SRO 406(I)/2008 |
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Written by Administrator
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The import and supply of CKD kits of single cylinder agriculture diesel engines of 3 to 36 HP are exempt from sales tax. In order to exempt the supply of finished product i.e. single cylinder agricultural diesel engines (3 to 36 HP) this notification has been issued so that the same is available to farmers on competitive prices. This step would facilitate the farmers who use agricultural diesel engines for farming activities. |
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Exemption of whole of customs duty and sales tax on import of plant, |
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Written by Administrator
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The Economic Coordination Committee (ECC) of the Cabinet on a Summary, tabled by the Ministry of Water and power regarding use of bio-diesel as an alternative fuel, has allowed exemption of whole of customs duty and sales tax on import of plant, machinery, equipment and specific items used in production of bio-diesel. The aforesaid decision of the ECC has been implemented and Federal Board of Revenue has issued SRO 474(1)/2008 dated the 21st May, 2008, allowing exemption to aforementioned goods used in production of bio-diesel. |
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Customs duty on import of wheat exempted |
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Written by Administrator
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The Federal Government has exempted 10% customs duty on import of Wheat by issuing SRO 478 dated 24-05-2008 amending SRO 567(I)/2006 dated 05-06-2006. This measure has been taken to ensure availability of wheat and flour in the country to masses in abundance and at reasonable price. |
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Change in duty draw back rates of Laminated Sheets |
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Written by Administrator
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The Federal Board of Revenue has issued amendment in Schedule LVIII of SRO 931 (I)/2007 dated 11th September 2007 under which the description of Industrial / Technical Laminated Sheets and Decorative Laminated Sheets has been further specified according to thickness and size respectively for clarity, while duty drawback on decorative laminated sheets has been calculated on FOB value instead of that on specific rates notified previously, in order to bring it in conformity with international standards. |
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Explanatory Notes for SRO 410(I)/2008 |
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Written by Administrator
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Explanatory Notes for SRO 410(I)/2008
To implement the ECC decision regarding revision of salaries of Airport security force (ASF), The proposed rates have been incorporated in FED rates on Air Travel vide SRO 410(I)/2008 dated 29th April, 2008.
-sd-
Mehmood Alam
Additional Secretary |
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VISUAL/PICTORIAL COVERAGE OF PRE-BUDGET SEMINAR |
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Written by Administrator
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Federal Board of Revenue, in collaboration with Federation of Pakistan Chambers of Commerce & Industry, is organising a Pre-Budget Seminar at National Library Auditorium (behind PM Secretariat), Islamabad on 12th May, 2008 (Monday) at 10.30 a.m.
Federal Minister for Finance, Revenue, Economic Affairs & Statistics Mr. Muhammad Ishaq Dar will be the Chief Guest while Chairman, FBR, Mr. M. Abdullah Yusuf will preside the Seminar.
All accredited Economic Correspondents, TV channels & Press Photographers are cordially invited to cover the Seminar.
-Sd-
(Muhammad Hafeez Mughal)
Secretary (PR) |
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New device more efficient Tax Management System Renamed as ‘Mahassal’ |
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Written by Administrator
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ISLAMABAD: The Federal Board of Revenue (FBR) has renamed the ‘Tax Management System’ (TMS) as ‘Mahassal’ for speedy implementation of a homegrown system covering all income tax-related functions, including returns analysis, assessment and verification processes.
Sources told Business Recorder on Saturday that if the ‘Mahassal’ system failed in proper computerization of direct taxes, the whole project of automation and integration of taxes would suffer a serious set-back under the reforms.
The ‘Mahassal’ team, headed by Project Director Ranna Ahmed, recently met FBR Chairman Abdullah Yusuf to give a demonstration on the new system.
There were some misunderstandings between the ‘Mahassal’ development team from Lahore and tax officials at the FBR. However, the FBR Member, Taxpayer Education and Facilitation, Khawar Khurshid Butt, took the initiative for bridging the communication gap between the ‘Mahassal’ team and the FBR officials.
During 5-6 hours presentation, it was decided that the ‘Mahassal’ would be made part of the reform process to declare it as a key initiative for direct taxes automation. The FBR agreed to declare ‘Mahassal’ as a project under the reform agenda.
The project would be an end-to-end solution to all direct taxes related operations and maintenance of tax records. The project would cover documentation of income tax returns, calculation of taxes, raising demands, issuance of computerized notices, appeal system, taxpayer ledger and balance system and other operations of direct taxes side.
The original project i.e. TMS was not functioning properly due to lack of facilities and support to the ‘Mahassal’ team in Lahore. Practically, the TMS was not functioning error-free for the last few months. This prompted the team to revamp the entire system under a new name i.e. ‘Mahassal’ by applying new methodology with the help of FBR. |
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