Reduced rate of withholding tax on Sales / Supplies procured by taxpayers covered under sales tax zero rated regime.
SRO 333(I)/2011 is an Income Tax SRO dated 2 May 2011, listed by FBR as "Reduced rate of withholding tax on Sales / Supplies procured by taxpayers covered under sales tax zero rated regime.".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
GOVERNMENT OF PAKISTAN
REVENUE DIVISION
FEDERAL BOARD OF REVENUE
Islamabad, the 2nd May, 2011
NOTIFICATION
(Income Tax)
S.R.O. 333 (I)/2011. - In exercise of powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following amendments shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid schedule, in Part-IV, for clause (45A), the following shall be substituted, namely:-
"(45A) (a) The rate of deduction of withholding tax under clauses (a) and (b) of sub-section (1) of section 153 shall be one percent on local sales, supplies and services provided or rendered to the following categories of sales tax zero-rated taxpayers, namely:-
(i) textile and articles thereof;
(ii) carpets;
(iii) leather and articles thereof including artificial leather footwear;
(iv) surgical goods; and
(v) sports goods;
Provided that withholding tax under clauses (a) and (b) of sub-section (1) of section 153 shall not be deducted from sales, supplies and services made by traders of yarn to the above mentioned categories of taxpayers. Such traders of yarn shall pay minimum tax @ 0.1% on their annual turnover on monthly basis on 30th day of each month and monthly withholding tax statement shall be e-filed under the provisions of section 165 of this Ordinance;
(b) provisions of clause (a) of sub-section (1) of section 111 of this Ordinance shall not apply to the amounts credited in the books of accounts maintained for the period ending on the 30th June 2011, by the sellers suppliers, service providers to the categories of sales tax zero-rated taxpayers, as mentioned in sub-clause (a); and
(c) provisions of sub-clauses (a) and (b) shall be applicable only to the cases of sellers, suppliers, service providers of the above mentioned categories of sales tax zero-rated taxpayers, who are already registered and to those taxpayers who get themselves registered by the 30th June, 2011".
[C. No.1(21)WHT/2006]
(KHAWAR KHURSHID BUTT)
MEMBER (INLAND REVENUE)/
ADDITIONAL SECRETARY
Related Income Tax SROs on exemptions and concessions
- SRO 647(I)/201125 June 2011Federal Government is pleased to exempt penalty and default surcharge
- SRO 317(I)/201119 April 2011Amendment in Second Schedule in Part-iv (Addition of Clause 78.)
- SRO 288(I)/20111 April 2011Withholding Tax on Sales Tax zero rated taxpayers (Fieve Categories)
- SRO 263(I)/201119 March 2011Amendment in Second Schedule of Income Tax Ordinance 2001 in Part-IV
- SRO 174(I)/20115 March 2011Amendment in Part-III Second schedule of ITO 2001, Turnover Tax for cases of Flour Mills the rate of Minimum Tax on the amount representing annual turnover under section 113 shall be reduce by eighty percent
- SRO 120(I)/201114 February 2011Amendment in Second Schedule of Income Tax Ordinance, 2001 in Part-iv