SRB suspends sales tax registration of stock broker firm

KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of a stock broker firm namely M/s. Reliance Securities Limited for failure to make tax payment and also for non-compliance to file monthly returns.

The SRB in a notification issued on Tuesday, said the company had been suspended on the following grounds:

— The company failed to discharge the Sindh sales tax liability against the services provided during the periods from January 2019 to April 2019.

— The company also failed to file Sindh sales tax returns for the tax periods from January 2019 to April 2019.

The SRB said the sales tax registration of the company has been suspended from July 22, 2019 and the suspension would be revoked if the company takes following remedial actions, including:

— to discharge the due Sindh sales tax liability along with default surcharge for the tax period from January 2019 to April 2019.

— to file the true and correct monthly Sindh sales tax return for the tax periods from January 2019 to April 2019, accordingly.

The SRB said that the compliance date for remedial actions is fixed on August 02, 2019.

In case of non-satisfactory response or failure to take remedial measures as suggested above on or before the date fixed for compliance, the case shall be proceeded for cancellation of registration with the SRB.

Further, your [company] case shall also be forwarded to the M/s. Pakistan Stock Exchange for revocation of license on account of contravention/violation of the provincial tax laws, the SRB said.

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