October 04, 2013 BRIEF TAX NEWS: 1). Refund against local supplies: FBR to make revolving bank guarantee mandatory: The Federal Board of Revenue (FBR) will make it mandatory for the sales tax refund claimants to submit a revolving bank guarantee, equivalent to the amount of refund claimed against local supplies, under the new condition being introduced in SRO.1125(I)/2011. Sources told Business Recorder here on Thursday that the FBR is expected to issue a statutory regulatory order (SRO) on Friday (October 4) for placing a new condition of submitting revolving bank guarantee for taxpayers seeking sales tax refunds against local supplies. 2). Sales tax zero-rating facility withdrawn: power consumed by 226 Faisalabad textile units. The Federal Board of Revenue has withdrawn sales tax zero-rating facility on electricity consumed by 226 registered units in textile sector of Faisalabad and directed Faisalabad Electric Supply Company (Fesco) to start charging sales tax on supply of electricity from the units with immediate effect.
Posted on: Fri, 04 Oct 2013 09:50:16 +0000
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