EXPLANATORY NOTES FOR SROs 894 & 897 (I)/2008
Federal Board of Revenue has issued two Notifications (Sales Tax) / SROs 894 & 897 (1)/2008, first on 25th and second on 27th August, 2008, respectively.
Explanatory notes for SRO 894 (1)/2008 dated 25th August, 2008, are as under:
Acrylic polymer in primary form was zero-rated vide SRO 509(I)/2007 dated 09.06.2007. However, its PCT heading was mentioned as 3906.9080 instead of 3906.9090. The mistake was rectified vide SRO 538(I)/2008 dated 11.06.2008. Now this correction has been given retrospective effect vide SRO 894(I)/2008 dated 25.08.2008 for the benefit of general public.
Explanatory notes for SRO 897(I)/2008 dated 27th August, 2008, are as follows:
In order to reduce input cost of agriculture products, the ECC recommended removal of customs, sales tax and income tax on mineral oil in its meeting dated 15.07.2008. Accordingly, sales tax exemption has been granted to importers of mineral oil not exceeding 250 tons for manufacture of pesticides subject to a certification by Plant Protection Department.