Change in SED Rate

[olympia]

Revenue Measures by FBR – 15th March 2011

Federal Government has taken various revenue measures today to achieve collection target of Rs. 1604.0 billion during 2010-11.

01. President of Pakistan has promulgated three Ordinances today on the advice of the Prime Minister whereby amendments have been made in the Sales Tax Act, 1990, Income Tax Ordinance, 2001 and Federal Excise Act, 2005. The following tax measures have been taken through these amendments

I.Sales tax at the rate of 17% has been imposed on tractors;

II.A one-time surcharge of 15% has been imposed on income tax payable during tax year 2011; and

III.Special excise duty rate has been increased from 1% to 2.5% for the remaining period of tax year 2010-11.


From when these changes are applicable?"

[ejaz bhutta]

From Toaday as it says
" Federal Excise (Amendment) Ordinance, 2011 WHEREAS it is expedient further to amend the Federal Excise Tax Act, 2005, for the purpose hereinafter appearing; AND WHEREAS the Senate and the National Assembly are not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action;

NOW, THEREFORE, in exercise of the powers conferred by the clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance Short title and commencement- This Ordinance may be called the Federal Excise (Amendment) Ordinance, 2011;

It shall come into force at once. Amendment of section 3A, the Federal Excise Act, 2005 In the Federal Excise Act, 2005, in section 3A, in sub-section (1), for the word "one", the words "two and a half" shall be substituted."

[olympia]

thanks ejaz, ap ne ye amended FED ka act kahan se lia he

[olympia]

The following SRO issued on 19th March, 11. So, what does it means that change in SED rate is applicable from 19th March, 11 or from 15th March, 11.

http//www.fbr.gov.pk/dotnet/customs/admin/srofiles/Federal%20Excise/2011/261sro2011.pdf