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Zil Limited’s intimation regarding change of financial and tax year

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by February 20, 2013 Miscellaneous

Karachi, February 20, 2013 (PPI-OT): Further to our letter dated January 22, 2013 regarding captioned subject (Copy enclosed). As desire by your Companies Affairs department enclosing permission letter No. CIR/EC/LTU/KHI/2012/573-A dated December 31, 2012 issued by Commissioner Inland Revenue Large Tax Payers Unit, Karachi.

Intimation Regarding Change of Financial and Tax Year

We have to inform you that due to operational and reporting problems on account of seasonality of our business, we have decided to change our reporting/ financial year from July-June to January-December; consequently:

With effect from January 2013, our financial and tax year will be January-December.

Being financial statements of transactional year, financial statements for the period of six month from July 2012-December 2012 will accordingly be prepared, audited and circulated to the members of the company.

For the approval of six monthly financial statements ending December 2012, general meeting of shareholders shall be held within four months following the closing date, as required by section 158 of Companies Ordinance 1984.

Commissioner Inland Revenue, Enforcement and Collection Division, Large Taxpayers Unit, Federal Board of Revenue, Karachi, vide its letter No. CIR/ EC/ LTU/ KHI/ 2015/ 573-A (copy enclosed) has already accorded permission to adopt Special Tax Year with effect from January 2013, after fulfilling certain conditions as mentioned in aforesaid letter.

Change of Tax Year under Section 74(3) of the Income Tax Ordinance, 2001

Reference: Your application for change of special year as per your AR letter dated 22.11.2012.

Permission to adopt Special Tax Year is being granted in terms of Section 74(3) of the Income tax Ordinance, 2001 subject to following conditions:

1. Period of twelve months from 1st January 2013 to 31st December 2013 will be Special Tax Year and return thereof will be due on 30.09.2014.

2. Period of six months from 1st July 2012 to 31st December 2012 will be the Transitional Tax Year and return thereof will be due on 30.09.2013.

3. Credit of taxes paid shall be allowed on the basis of income year ending.

4. Depreciation allowance u/s 22 and 23 shall be restricted treating income year of twelve months as the return for the Tax Year 2014 is due on 30.09.2014.

5. The advance tax payment u/s 147 shall be continued to be paid on the basis of turnover ratio for the last tax year.

For more information, contact:
Nazir Ahmed Shoro
Commissioner Inland Revenue
Zil Limited
12th Floor, Executive Tower,
Dolmen City, Marine Drive,
Block-IV, Clifton, Karachi-Pakistan
Tel: +9221-35297570-77
Fax: +9221-35297585
Website: www.zil.com.pk

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