Amendments in Sales
Tax 2015-16
Audit & Reviews
- Statutory / External audit
- Special purpose audit (includes Donor Requested Audits),
- Review,
- Due Diligence,
- Internal control audits according to national regulations & international standards
- Agreed-upon procedures,
- Compilation of reports,
- Conducted Sales Tax Audits as appointed by the C.B.R / FBR (Federal Board of Revenue)
- Firm has also been appointed by Securities and Exchange Commission of Pakistan as inspectors to conduct specialized investigative audits about the affairs of the companies.
Amendments in Sales Tax 2015-16
- Withholding agents should deposit the sales tax amount to be withheld along with the return for the tax period in which purchase is made. Presently, the withholding agents are required to deposit sales tax to be withheld by them along with the return for the tax period (month), in which they make payment for the purchases to their suppliers.
- Petroleum dealers of HSD and Petrol are excluded from purview of withholding. (SRO 485(I)/2015 dt. 30.6.2015 Amendment the Sales Tax Special Procedure (Withholding) Rules, 2007
- Concessionary rate of 2%, 3% and 5% were applicable to five export oriented sector, namely, textile leather, carpet, surgical and sports goods. The rate of 2% is being enhanced to 3%. (SRO 486(I)/2015 dt. 30.06.2015: Amends SRO 1125(I)/2011)
- Excluded FED on air travel service and carriage of goods by air service from sales tax mode meaning thereby that input tax adjustment against these services will not be available (SRO 489(I)/2015 dt. 30.06.2015: Amends SRO 550(I)/2006 dt. 05.06.2006)
Audit & Reviews
- Statutory / External audit
- Special purpose audit (includes Donor Requested Audits),
- Review,
- Due Diligence,
- Internal control audits according to national regulations & international standards
- Agreed-upon procedures,
- Compilation of reports,
- Conducted Sales Tax Audits as appointed by the C.B.R / FBR (Federal Board of Revenue)
- Firm has also been appointed by Securities and Exchange Commission of Pakistan as inspectors to conduct specialized investigative audits about the affairs of the companies.
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