SRB suspends sales tax registration of Turnotech for defaulting tax payment

Jun 22

Taxation

SRB suspends sales tax registration of Turnotech for defaulting tax payment

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Turnotech (Pvt) Limited defaulting tax payment and non-compliance of filing monthly returns. In a notice the SRB said that M/s. Turnotech (Pvt) Limited had failed to comply with the following obligations: — To discharge the Sindh sales tax liability against the services provided […]

by Mrs. Anjum Shahnawaz

Sindh Revenue Board announces tax incentive package

Jun 2

Taxation

Sindh Revenue Board announces tax incentive package

KARACHI: Sindh Revenue Board (SRB) has announced tax incentive scheme and waived up to 100 percent penalty amount on payment of outstanding amount, said a statement on Monday. The SRB said that acceding to the request of the taxpayers, associations and tax bars, the provincial revenue authority, had issued tax incentive package, which provides substantial […]

by Mrs. Anjum Shahnawaz

SRB urged to allow normal tax for car dealers

May 31

Automotive, Budget 2020-2021, Taxation

SRB urged to allow normal tax for car dealers

KARACHI: Sindh Revenue Board (SRB) has been urged to bring authorized dealers of car manufacturers into normal tax regime. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 submitted to SRB, recommended that normal sales tax rate should be applied for services provided by authorized car dealers under tariff heading […]

by Mrs. Anjum Shahnawaz

Insurance should be excluded from taxable services

May 28

Budget 2020-2021, Taxation

Insurance should be excluded from taxable services

KARACHI: The provincial tax authorities have been urged to exclude insurance from taxable services in order to provide incentives to insurance industry. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 submitted to Sindh Revenue Board (SRB), said that each year, the life/health insurance companies have been approaching the SRB […]

by Mrs. Anjum Shahnawaz

Sindh proposed to exempt sales tax on export of services

May 27

Budget 2020-2021, Taxation

Sindh proposed to exempt sales tax on export of services

KARACHI: Sindh Revenue Board (SRB) has been proposed to exempt sales tax on export of services. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 presented to SRB, said that as per the Fifth Schedule to the Sales Tax Act 1990, exports made by a registered person are zero-rated. “Presently, […]

by Mrs. Anjum Shahnawaz

Withholding sales tax should be exempted on services rendered to registered persons

May 27

Budget 2020-2021, Taxation

Withholding sales tax should be exempted on services rendered to registered persons

KARACHI: Sindh Revenue Board (SRB) has been proposed to exempt sales tax withholding in case a registered person renders services to another registered person. Withholding of sales tax from registered sales tax persons with Sindh Revenue Board (SRB), does not provide any benefit and only creates hardships for genuine taxpayers of reconciliations and delay in […]

by Mrs. Anjum Shahnawaz

Reverse charge should only be levied on service providers located outside Pakistan

May 26

Budget 2020-2021, Taxation

Reverse charge should only be levied on service providers located outside Pakistan

KARACHI: Sindh Revenue Board (SRB) has been advised that reverse charge should be restricted to such cases where service providers are located outside Pakistan. Overseas Investors Chamber of Commerce and Industry (OICCI) in its budget proposals for 2020/2021 submitted to SRB said that all provincial statues provide that service provided by non-resident service provider is […]

by Mrs. Anjum Shahnawaz

Sindh urged to bring down sales tax rate at 10 percent

May 25

Budget 2020-2021, Trade & Industry

Sindh urged to bring down sales tax rate at 10 percent

KARACHI: Sindh Revenue Board (SRB) has been suggested to bring down sales tax on services rate to 10 percent from existing 13 percent to encourage registration of more taxpayers. Overseas Investors Chambers of Commerce and Industry (OICCI) in its budget proposals 2020/2021 submitted to the SRB, said that the expectations of the investors that the […]

by Mrs. Anjum Shahnawaz

Federal, provincial tax conflict hampers FDI

May 25

Budget 2020-2021, Taxation

Federal, provincial tax conflict hampers FDI

KARACHI: Foreign investors have said that duplication of taxes due to lack of coordination between federal and provincial tax authorities are hampering foreign direct investment (FDI) into Pakistan. The Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of foreign investors in Pakistan, said that duplicate taxation is causing hardships to taxpayers and […]

by Mrs. Anjum Shahnawaz

SRB extends return filing date up to June 01

May 21

Taxation

SRB extends return filing date up to June 01

KARACHI: Sindh Revenue Board (SRB) has extended the date for filing monthly sales tax return for April 2020 up to June 01, 2020. In a circular issued on Thursday, the SRB permitted the registered persons, including the withholding agents covered by the provisions of the Sindh Sales Tax Special Procedure (Withholding) Rules, 2014, to:- (i) […]

by Mrs. Anjum Shahnawaz