FBR Permitted 100% Input Tax Adjustment to Pakistan LNG Limited

The Federal Board of Revenue (FBR) has permitted 100% input tax adjustment to Pakistan LNG Limited (PLL). Details revealed that all registered persons are allowed adjustments of input tax to the extent of 90% under section 8B of the Sales Tax Act and therefore they are required to pay a minimum output of 10% every month. However, this minimum payment is subject to certain exclusions provided under notification 1190. Now a new entry is inserted to exclude the M/s PLL from mandatory payment of 10%, allowing the company a full input tax adjustment of 100%.