Business News
Wednesday, June 15, 2011 09:41
- Oil mixed in Asian trade
- Euro falls amid concerns over new Greek aid
- Ship carrying 50,000 tonnes petrol to berth tomorrow: Dr Asim
Dr. Asim said the elements involved in creating artificial shortage of petrol would be dealt strictly. He added that special monitoring teams of OGRA and Petroleum Ministry were visiting the affected areas.
- Gas shortage mars urea production
- Oil down in Asian trade
- Euro falls against dollar amid Greece''s debt woes
- KSE-100 Index loses 24 points
The marker analysts foresee volatile sessions ahead.
- IPPs threaten to suspend 825MW power supply
The IPPs sent a letter on 13th May to the Pakistan Electric Power Company (Private) Limited (PEPCO) giving a 30-day deadline to clear Rs 16.5 billion dues.
- Petrol crisis persists in Punjab
- Euro down on Greek debt woes
FBR extends date for tax payment
The Federal Board of Revenue has extended date for payment of duties and taxes for the tax period May 2011 and filing of sales tax/federal excise returns, upto June 20, 2011, for registered persons claiming benefit under SRO. 283(I)/2011 dated April 1, 2011.
The FBR has issued instructions to all Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) here on Wednesday. When contacted, Arshad Shehzad a prominent Karachi based tax consultant told Business Recorder that due to recent amendment/modification in electronic filing of sales tax return large number of taxpayers may not be able to file their sales tax returns by June 15, 2011. The FBR has modified different checks in electronic version of sales tax return. The taxpayers in general were not given any briefing in recently done modifications resultantly, in general where taxpayers had attempted to file electronic return were faced practice problems and large number of taxpayers could not file their return for the tax period of May within due date.
He further informed that they have observed some changes in the sales tax return. The value of exempt and zero rated sales and purchase which were previously not required by the system this time needs to be put in the relevant annexure of the return and that has to be cross matched with category wise summary. The issue of non-acceptance of exports made through WEBOK' (web-based customs clearance system) also faced by the taxpayers. The FBR has recently adopted WEBOK system at export clearance stations, it seems that due to some connectivity or integration of this new software with online return filing system the taxpayers faced difficulty in recording their exports sales.
Arshad Shehzad further informed that another important modification in this return pertains to sales tax payment against notification 283(I)/2011. He informed that under this notification sales to unregistered person is liable to reduce rate of tax ie 6 percent & 4 percent, under the modified version of the return reduce tax payment is now appearing under direct payment without any adjustment with other admissible input tax. He said that the notification read with the clarification issued by the board provides adjustment provision, however practically the return filer can't made such adjustment, the matter is take up by different associations and individual taxpayers s but yet not settled by the board.
Mohammed Saleem Mansoori
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