And legally very important, why was the trust given an advance tax
ruling of any kind?
Talking to media after the meeting, All Pakistan LPG Distributors Association Chairman Irfan Khokhar said LPG imports would be suspended from the start of February if the regulatory duty and advance tax
were not taken back.
Commenting on the advance tax
figures, Alex Mathews said, " Construction activity suffered the most due to unseasonal rains during the quarter- ending December, affecting cement and steel offtake.
A section 231AA has been added in the Income Tax Ordinance, 2001 through amended finance bill 2010 under which scope of the advance tax
on cash transactions in banks has been explained in detail.
While talking to journalists after meeting along with importers of LPG, chairman All Pakistan LPG Distributors Association Irfan Khokhar said that imports of LPG would be suspended from February 1 if government does not withdraw regulatory duty and advance tax
on LPG imports.
Every prescribed person shall collect advance tax
at the rate of five percent on the total amount of the bill from a person arranging or holding a function in a marriage hall, marquee, hotel, restaurant, commercial lawn, club, a community place or any other place used for such purpose," states a notification issued by the FBR.
Even housing finance companies such as HDFC, LIC Housing Finance and GIC Housing Finance have registered good growth in advance tax
payments," said Deven Choksey, managing director of KR Choksey Shares and Securities.
A taxpayer who is liable to discharge part of its tax liability by way of advance tax
has to bear additional burden of interest for default of advance tax
, in case total advance tax
paid for the year falls short of the assessed tax by ten percent or more.
He said that every motor vehicle registering authority of Excise and Taxation Department is collecting advance tax
at the time of registration of a motor vehicle, at the rates specified in Division VII of Part IV of the First Schedule.
The corporates would be paying the second installment of advance tax
and individuals their first installment of advance tax
by September 15.
The RBI had said that the measure was aimed at reducing the liquidity deficit (which) is expected to increase significantly during the second week of March on account of advance tax
outflows and the usual frontloading of cash balances by banks with the Reserve Bank.