92nd updated dated December 31, 2009

 This update covers:-

-Finance (Amendment) Ordinance, 2009;
-SRO: 1011(I)/2009;
-General Orders: 44 to 48 of 2009.
These are briefly explained as under:–

Part I – Sales Tax Act

Amendments have been made through the Finance (Amendments) Ordinance, 2009 dated October, 28, 2009 in the following provisions:

1.        Sections: 2(1) to (5), (15), (18), (23), (46); 10(3); 11(1), (2), (4), (5); 21(2); 23(3); 24; 25(1) to (4), (4A); 25A; 25AA; 26(3); 27; 28; 30; 31; 32(1); 32A(2), (3); 33; 36(3); 37; 37A(1), (4); 38A; 38B(1), (2), (4); 40(1); 40B; 45; 45A(1), (4); 45B(1) to (3); 46(1), (2A); 47(1), (7), (10), (11); 47A(2), (3); 48(1), (2); 49A(1) to (4), (6); 52; 55; 56; 57; 58A(3), (4); 58B(4); 66; 69; 72; 72A; 73; 74.

Bulk of the amendments relate to the re-naming of and consequential to, the Sales Tax Department as the Inland Revenue; various officers of the Department as officers of the Inland Revenue;  Collector as Commissioner; and the Customs, Excise and Sales Tax Appellate Tribunal as the Appellate Tribunal Inland Revenue under the I.T Ord.

However amendments have also been made as follows:

-in s. 24, to require retention of records for six years or till the final decisions of all proceedings instead of the current five years.

-s. 25(4A) inserted to provide for passing of orders after completion of audit.

-s. 25AA inserted to provide for proper valuations for transactions between associates.

-s. 45 omitted to abolish the powers of Collectors (Adjudication).

                -s. 56 substituted to elaborately provide for the service of orders, decisions etc.

Part VA – Special Procedure Rules

    2.        On page 32, Rule 58K has been amended by SRO 1011(I)/2009 dated December 01, 2009. This is re: Fixing of value of imported billet.

Part VI – General Orders

    3.        On pages 109 onwards, General Order Nos. 44 to 48 of 2009 all dated December 22, 2009 have been reproduced. These are re: Supply of Electricity and Gas.