ICAP is organizing seminar on sales tax withholding rules

March 12, 2013 Off By Web Desk

KARACHI: The Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP) is organizing the seminar on “SRO 98(I)/2013 – Sales Tax Withholding Rules 2007” to be held on Wednesday, 13 March 2013 at 10 am at Grand Ballroom, Pearl Continental Hotel, Karachi.

Khawaja Tanveer Ahmad, Chief Commissioner, Regional Tax Office Karachi will be the session chairman and Adnan Mufti FCA, CPD Convener, Southern Regional Committee will be the speaker at the seminar.

The federal government has introduced significant changes in the Sales Tax Special Procedures (Withholding) Rules 2007 vide SRO 98(I)/2013 issued on 14 February 2013. The withholding of 1% sales tax has been done away with.

Accordingly, all companies and exporters have been declared as sales tax withholding agents besides federal /provincial government departments, autonomous bodies and public sector organizations, who would be required to deduct withholding tax at the rate of 1/5 of the applicable rate of sales tax on all goods purchases w.e.f. 14 February 2013.

The seminar is expected to be attended by around 500 business leaders and professionals from Finance, Audit and Tax.