S.R.O. 776(I)/2004, Islamabad, the 10th September, 2004

SROS: S.R.O. 776(I)/2004, Islamabad, the 10th September, 2004 COLLECTION & PAYMENT OF SALES TAX FROM OIL MARKETING COMPANIES RULES, 2004 S.R.O. 776(I)/2004, Islamabad, the 10th September, 2004:- In exercise of the powers conferred by section 71 of the Sales Tax Act, 1990, read with clause(33) of section 2 thereof, the Federal Government is pleased to make the following rules, namely:- 1. Short title, application and commencement. (1) These rules may be called the Special Procedure for Collection and Payment of Sales Tax from the Oil Marketing Companies(Sharing of Product) Rules, 2004. (2). These rules shall apply for the collection and payment of sales tax from the oil marketing companies against sharing of product at the joint installation(JIMCO), located at Mehmood Kot, District Gujrat. (3). These rules shall come into force at once. 2. Definitions. (1) In these Rules, unless there is anything repugnant in the subject or context,- (a) Act means the Sales Tax Act, 1990; (b) consumers means the registered as well as unregistered buyers except the above named OMCs to whom the product is supplied from JIMCO on sharing or loan basis; (c) JIMCO means joint installation of the oil marketing companies at Mehmood Kot, District Gujrat; (d) OMC or OMCs means the oil marketing companies viz. Shell Pakistan Limited, Caltex Oil(Pakistan) Limited and Pakistan State Oil(PSO); (e) product means all taxable petroleum products whether imported or otherwise, which are stored at JIMCO, Mehmood Kot, District Gujrat, by or on behalf of OMCs; (f) product sharing means acquiring of a product by one OMC from another OMC on loan basis, without payment of price under an arrangement of returning the product of the same description by the former to the latter, within such time as may be agreed between them; and (g) Terminal Operator means the company or person managing the affairs of joint installation(JIMCO) at Mehmood Kot, district Gujrat. (2) All other words and expressions used, but not defined herein, shall have the same meanings as are assigned to them in the Act. 3. Sharing of Product. (1) The OMCs shall be entitled to share their products without payment of sales tax at JIMCO.…