ISLAMABAD, Aug 31: The Federal Board of Revenue (FBR) has withdrawn the facility of input tax adjustment from gas distribution companies.
The decision was taken through Sales Tax notification SRO 873 by amending the SRO 647 of 2007.
Through the notification the gas distribution companies shall not be allowed to adjust input tax in excess of 90 per cent of the output tax for that tax period provided that the tax charged on the acquisition of fixed assets shall be adjustable against the output tax in twelve equal monthly instalments after the start of production of a new unit.
