Imposition of Value Added Tax (VAT) on Fabric at the point of Importation As per the amendments made to sub item (v) of item (xxii) paragraph (a) and item (xxxvi) of paragraph (c) of the First Schedule to the Value Added Tax Act, No. 14 of 2002 by the Value Added Tax (Amendment) Act, No….
Department of Inland Revenue has published Specimen and Guide to filling the Income Tax Return – Y/A 2017/2018 Individuals Return of Income – [Asmt_IIT_001_E] Schedules to Return of Income – [Asmt_IIT_002_E] Statement of Assets and Liabilities – [IIT_4R_3(3)_E] Guide to filling the Return & Schedules – [IIT_IR14_E] Tax Calculator (For Taxpayer calculation purpose only) Partnerships Return of…
Value Added Tax (VAT) on imported fabric has reduced by 10% and relevant notice published by Customs is now available : Download. Visit: Latest Customs changes
An amendment has been issued by amending following sections to Excise Act; Amends section 30 of the Excise Ordinance (Chapter 52) and the legal effect as amended is to expand the Categories of persons required to keep instruments. Amends section 32 of the principal enactment and the legal effect as amended is to empower the Minister…
Department of Inland Revenue has published amended notice on Implementation of Changes to Value Added Tax (VAT) Act (click here to download) as amended by the Value Added Tax (Amendment) Act, No. 25 of 2018, As instructed by the Ministry of Finance and Mass Media, a policy decision has been taken to continue the exemption on…
Department of Inland Revenue has published notice on New VAT Amendment Act, No. 25 of 2018 (Download Notice)
Value Added Tax Act, No. 14 of 2002 is amended by the Amendment Act, No. 25 of 2018 as certified by the Hon. Speaker on 16th August 2018. The changes are effective from August 16, 2018 (unless a specific date is mentioned in the relevant provision). New VAT Amendment Act No. 25 of 2018 – Download:…
Department of Customs has published notice (Download Notice) relating to new VAT amendment act No. 25 of 2018 stating HS codes for removal of exemption & new exemption.
Committee on Interpretations under Inland Revenue Act No.24 of 2017 As stipulated in section 107 of the Inland Revenue Act, No. 24 of 2017 (Act), taxpayers may apply to the Commissioner General of Inland Revenue (CGIR) for a private ruling regarding the application of the Act. Thereunder the Commissioner General is statutorily empowered to…
Department of Inland Revenue has published a Guide – Instructions for calculation of Statement of Estimated Income Tax Payable – Calculation Guide [Download].
As passed by Parliament on August 9, 2018 together with amendments moved at the Committee Stage of the Bill, and certified by the Hon. Speaker, the Value Added Tax (Amendment) Act, No. 25 of 2018 takes effect on August 16, 2018 (unless otherwise stated). The amendments made to the Value Added Tax Act, No. 14…
A Finance Bill dated August 10, 2018 has been published by the Government, as proposed in the Budget 2018, to provide for the amendment of certain levies, taxes or fees imposed under respective Finance Acts, and for the imposition of certain new levies, taxes or fees. A synopsis of certain such provisions are given in…
Following taxes & levies going to be amended to the Finance Act, No. 25 of 2003, the Finance Act, No. 5 of 2005, the Finance Act, No. 12 of 2012, the Finance Act, No. 16 of 1995 and the Finance Act, No. 10 of 2015; Luxury Tax on Motor Vehicles Vehicle Entitlement Levy Annual Company…
Summary Section 22 of the Economic Service Charge Act, No. 13 of 2006 and the legal effect of the section as amended is to specify the base for charging the service charge for importation of motor vehicles. Schedule IV of the principal enactment and the legal effect of the section as amended is to specify…