Glossary_R
Glossary of Tax and Trade Terms
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Raw materials: - means goods which are not machined or made to size and some process has to be carried out to make components, the reform. These goods are used by weight or volume for the manufacture of components i.e. tubes, rods, sheets, ingots, billets etc. in length but not cut to size. [Pakistan Customs General Order]
RCPS means the Refund Claim Preparation Software prescribed by the Board; [Sales Tax Rules, 2006]
rebate rate: The rate per cent deductible if a bill of exchange or draft is paid before its maturity date.
receiver means a person appointed by the Recovery Officer to manage, run and account for any attached business or property; [Pakistan Customs Rules, 2001]
receiver means a person appointed by the Recovery Officer to manage, run and account for any attached business or property; [Sales Tax Rules, 2006]
Recovery Officer means an officer of customs, notified to be the appropriate officer under sub-section (1) of section 202 of the Act; [Pakistan Customs Rules, 2001]
Recovery Officer means an officer of Sales Tax as appointed by the Collector to exercise powers as contained in sub-section (2) of section 48 of the Act, who shall not be below the rank of Assistant Collector; [Sales Tax Rules, 2006]
referring authority means an officer, not below the rank of an Assistant Collector, desiring to recover government dues through Recovery Officer; [Sales Tax Rules, 2006]
referring authority means an officer, not below the rank of Assistant Collector of Customs, desiring to recover Government dues through Recovery Officer; [Pakistan Customs Rules, 2001]
refund reference number means a reference number issued by PACCS confirming the filing of a refund claim; [Pakistan Customs Rules, 2001]
registered office means the office or other place of business specified by the registered person in the application made by him for registration under this Act or through any subsequent application to the Commissioner; [The Sales Tax Act, 1990]
registered person means a person who is registered or is liable to be registered under this Act: Provided that a person liable to be registered but not registered under this Act shall not be entitled to any benefit available to a registered person under any of the provisions of this Act or the rules made there under; [The Sales Tax Act, 1990]
registration number means the number allocated to the registered person for the purpose of this Act; [The Sales Tax Act, 1990]
remittance: The transmittal of money, in the form of cash or negotiable instruments, from one party to another.
residual input tax means the amount of tax paid on raw materials, components and capital goods being used for making taxable as well as exempt supplies but does not include the input tax paid on raw materials used wholly for making taxable or exempt supplies. [Sales Tax Rules, 2006]
retail price, with reference to the Third Schedule, means the price fixed by the manufacturer, inclusive of all duties, charges and taxes (other than sales tax) at which any particular brand or variety of any article should be sold to the general body of consumers or, if more than one such price is so fixed for the same brand or variety, the highest of such price; [The Sales Tax Act, 1990]
retailer means a person, supplying goods to general public for the purpose of consumption: Provided that any person, who combines the business of import and retail or manufacture or production with retail, shall notify and advertise wholesale prices and retail prices separately, and declare the address of retail outlets, and his total turnover per annum shall be taken into account for the purposes of registration under section 14. [The Sales Tax Act, 1990]
return means any return required to be furnished under Chapter-V of this Act; [The Sales Tax Act, 1990]
revaluation: Official increase in the value ofone nations currency expressed in the terms of another.
RTO means the Regional Tax Office having jurisdiction; [Sales Tax Rules, 2006]
rules means the rules made under this Act;
sales conducted between a manufacturer and a wholesaler, or between a wholesaler and a retailer, or between a retailer and a customer;