Feb 7

Definitions

Income tax law defines amalgamation

The word ‘amalgamation’ has been defined under Income Tax Ordinance, 2001. The Ordinance updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) has defined the word ‘amalgamation’ as: “Amalgamation” means the merger of one or more banking companies or non-banking financial institutions, or insurance companies, or companies owning and managing […]

by Mrs. Anjum Shahnawaz

What is taxable activity under Sales Tax Act?

Feb 7

Definitions

What is taxable activity under Sales Tax Act?

Sales Tax Act, 1990 has defined the meaning of ‘taxable activity’ for imposition of sales tax under the prevailing rate of tax. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained the term ‘taxable activity’. According the Act, taxable activity means any economic activity […]

by Mrs. Anjum Shahnawaz

Retail price defined under Sales Tax Act

Feb 6

Definitions

Retail price defined under Sales Tax Act

Sales Tax Act, 1990 has defined ‘retail price’ as a price fixed for sales of goods to the end consumers. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] defines the ‘retail price’ with reference to the Third Schedule of the Act, as the price […]

by Mrs. Anjum Shahnawaz

Registered person defined under sales tax

Feb 5

Definitions

Registered person defined under sales tax

Sales tax laws have defined ‘person’ for determining transactions i.e. supplies and purchases and application of sales tax rate. The Sales Tax Act, 1990 [updated June 30, 2020 issued by the Federal Board of Revenue (FBR)] explained the following: (21) “person” means,– (a) an individual; (b) a company or association of persons incorporated, formed, organized […]

by Mrs. Anjum Shahnawaz

Feb 5

Definitions

What is output tax under Sales Tax Act?

Sales tax law has defined output tax as a supply of goods, made by the person. The Sales Tax Act, 1990 (updated June 30, 2020) issued by the Federal Board of Revenue (FBR) has defined output tax in relation to a registered person as: (a) tax levied under this Act on a supply of goods, […]

by Mrs. Anjum Shahnawaz

Definition of manufacturer or producer under Sales Tax Act

Feb 4

Definitions

Definition of manufacturer or producer under Sales Tax Act

A definition of manufacturer of producer has been included into the Sales Tax Act, 1990 (updated up to June 30, 2020) issued by the Federal Board of Revenue (FBR). According to the definition “manufacturer” or “producer” means a person who engages, whether exclusively or not, in the production or manufacture of goods whether or not […]

by Mrs. Anjum Shahnawaz

Feb 4

Definitions

What is input tax under Sales Tax Act?

The Sales Tax Act, 1990 as issued by the Federal Board of Revenue (FBR) as updated up to June 30, 2020 has explained input tax in relation to a registered person. The input tax in relation to a registered person has been explained as: (a) tax levied under this Act on supply of goods to […]

by Mrs. Anjum Shahnawaz

Associates defined under Sales Tax Act 1990

Feb 3

Definitions

Associates defined under Sales Tax Act 1990

Associates or Associated Persons have been defined under Sales Tax Act, 1990. Section 2 of Sales Tax Act, 1990 (updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained associates as: (3) associates (associated persons) means, – (i) subject to sub-clause (ii), where two persons associate and the relationship between […]

by Mrs. Anjum Shahnawaz

Active taxpayer under Sales Tax Act 1990

Feb 3

Definitions

Active taxpayer under Sales Tax Act 1990

Sales Tax Act, 1990 (updated up to June 30, 2020) has defined the active taxpayer. The term ‘active taxpayer’ was introduced through Finance Act, 2015. It has been defined as a registered person who does not fall in any of the following categories, namely:- (a) who is blacklisted or whose registration is suspended in terms […]

by Mrs. Anjum Shahnawaz