Weekly Tips - Softax · 2018. 5. 9. · G.O 119/2017 August 02, 2017 MEMBER QUERIES “Custodial...

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Lahore ‐ Karachi ‐ Islamabad ‐ SargodhaE: [email protected] | W: www.softax.com.pk

Weekly TipsEdition: 334

Issue: 01-08-17

C o n s u l t i n g | T r a i n i n g | W e b b a s e d

T a x a t i o n S u p p o r t S e r v i c e s

� � � �� لن تنالوا البر � تنفقوا مما تحبون ڛ وما تنفقوا � شىء فان الله

به عليم

Surah Al-i'Imran, Ayat 92Maulana Muhammad Joona Garhi

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Maulana Ishaq Madni

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� �� ) � � �� ١� ،� �� (�� Maulana Mahmood ul Hassan Deobandi

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Maulana Fateh Muhammad Jalandhri

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Maulana Ahmad Ali Lahori

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Maulana Abul Aala Maududi

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Maulana Abdur Rehman Kilani

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Maulana Taqi Usmani

You shall never a�ain righteousness unless you spend from what you love. Whatsoever you spend, Allah is fully aware of it.

Maulana Abdul Majid Daryabadi

O Ye shall not a�ain unto virtue un�l ye expend of that which ye love; and whatsoever ye expend, verily Allah Is thereof Knower.

Sahih International

Never will you a�ain the good [reward] un�l you spend [in the way of Allah] from that which you love. And whatever you spend ‐ indeed, Allah is Knowing of it.

QUOTE OF THE WEEK

Peace is a daily, a weekly, a monthly process, gradually

changing opinions, slowly eroding old barriers, quietly

building new structures.

John F. Kennedy

Ques�on: If a person providing services goods

transport from KHI to LHR, services sales tax shall be applicable on this service.( please provide law reference). Sales tax is applicable on floor mills for supply of "ATTA".

Answer: Punjab: Services provided by persons for

inter‐city carriage of goods by rail or road. EXCLUDING: Services provided by an individual owner of a vehicle for carriage of goods. Taxable @ 16% [Serial # 48 of Second Schedule of Punjab Sales Tax on Services Act 2012]Sindh: Services provided or rendered by persons engaged in inter‐city transporta�on or carriage of goods by road or through pipeline or conduit. Taxable @ 13%. [Tariff heading 9836.0000 of Sindh Sales Tax on Services Act, 2011]Flour under PCT code 1101.0010 and 1101.0020 is exempt from tax as provided at serial # 19 Table I of sixth schedule of the Sales Tax Act, 1990.

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Ques�on: If a person supplies some items (imported

& local) and imported item are without any value addi�on. He has issued a single sales tax invoice for both items (local & impoted). As per sales tax act a single sales tax invoice can be issued or not?

Answer: Single sales tax invoice may be issued, law

does not restrict, but it is recommended to issue separate invoices for imported and local goods because supply of imported goods does not a�ract withholding of income and sales tax both.

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TAX TIP OF THE WEEK

BUSINESS TERM OF THE WEEK

Market‐Value Weighted IndexA type of index that gets its value based on the overall group of securi�es that encompass the index via a weighted average that is directly in propor�on to each of the securi�es' market value.

Income Tax : No updates

Sales Tax: SRB‐3‐4/25/2017 August 01, 2017 SRB‐3‐4/26/2017 August 03, 2017 SRB‐3‐4/27/2017 August 04, 2017 SRB‐3‐4/28/2017 August 04, 2017 757(I)/2017 August 05, 2017

G.O 119/2017 August 02, 2017

MEMBER QUERIES

“Custodial Account” means an account (other than an

Insurance Contract or Annuity Contract) that holds one or

more Financial Assets for the benefit of another person;

WEEKLY UPDATES (SROs, Circulars etc.)

Weekly Tips - Softax · 2018. 5. 9. · G.O 119/2017 August 02, 2017 MEMBER QUERIES “Custodial...

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