|
Income Tax |
|
June 12, 2008 Update
This
update covers:-
-S.ROs.
2008: 566 &
567
Follow
is a brief:-
1. On page 445, Part II of the First Schedule has been amended by SRO 566(I)/2008 dated June 11, 2008. The rate of tax collection on imports has been lowered from 5% to 2%.
2.
On pages 492 and 493, clauses (13), (13A) and
(13B) of Part II have been omitted by SRO
567(I)/2008 dated June 11, 2008. The omitted clause (13) lowered tax on imports
by manufacturers to 1%; clause (13A) lowered tax on import of phosphatic
fertilizers to 1%; and clause (13B) lowered tax on import of a number of items
to 2%.
3. On page 494, clauses 13C of Part II has been amended by SRO 567(I)/2008 dated June 11, 2008 to increase the rate of tax on purchase of locally produced edible oil from 1% to 2% if made by manufacturers of cooking oil or vegetable ghee.
4. On page 495, clause (13G) of Part II of the IInd Schedule has been amended by SRO 567(I)/2008 dated June 11, 2008 by deleting clauses (i) to (iii) and (vii) to (xxiv) to withdraw the concessional tax rate of 1% on import of various items.
5. On page 496B, clause (13H) has been omitted by SRO 567(I)/2008 dated June 11, 2008. This provided concession of 1% tax on import of various items.
6. On page 496Y, clause (56) of Part IV of the IInd Schedule has been substituted by SRO 567(I)/2008 dated June 11, 2008. This now exempts tax on import of items falling under Chapters 27, 52.01, 86 and 99. Previously exemption was available to a long list of items.
|
|