Glossary_S
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
sales tax account means an account representing the double entry recording of sales tax transactions in the books of account; [The Sales Tax Act, 1990]
sales taxmeans— (a) the tax, additional tax, or default surcharge levied under this Act; (b) a fine, penalty or fee imposed or charged under this Act; and (c) any other sum payable under the provisions of this Act or the rules made there under; [The Sales Tax Act, 1990]
same-state-goods means goods purchased by a commercial exporter against tax invoice for export as such; [Sales Tax Rules, 2006]
scanner means the containerized cargo scanner located at ports for import/export cargo; [Pakistan Customs Rules, 2001]
Schedule means a Schedule appended to this Act; [The Sales Tax Act, 1990]
seize means to take into custody, physically or otherwise, goods in respect of which some offence has been committed or is believed to have been committed under this Act or the rules, and all cognate words and ex
share means share in a corporation and private limited company and includes stock, debenture stock, debentures or bonds. [Pakistan Customs Rules, 2001]
share means share in a corporation and private limited or public limited company and includes stock, debenture stock, debentures or bonds; [Sales Tax Rules, 2006]
ship-chandler means the person authorized by the carrier, to supply provisions and stores to the vessel and is licensed under section 207 of the Act; [Pakistan Customs Rules, 2001]
Shredded, waste and scrap:- Iron or steel waste and scrap prepared by means of fragmentation (shredding) of various iron and steel scrap material including motor vehicles followed by separation (which may be magnetic) with a view to obtaining a high density product that is fairly clean and includes turnings, shavings, chips, milling waste, saw dust, fillings, trimmings and stampings etc. [Pakistan Customs General Order]
Sight Drafts : A sight draft is used when the seller wishes to retain title to the shipment until it reaches its destination and is paid for. Before the cargo can be released, the original ocean bill of lading must be properly endorsed by the buyer and surrendered to the carrier, since it is a document that evidences title.
similar supply, in relation to the open market price of goods, means any other supply of goods which closely or substantially resembles the characteristics, quantity, components and materials of the aforementioned goods; [The Sales Tax Act, 1990]
Small and Medium Enterprises means an export unit having export quantum upto two and half millions US dollars per annum; [Pakistan Customs Rules, 2001]
Smuggle means to bring into or take out of Pakistan, in breach of any prohibition or restriction for the time being in force, or evading payment of customs-duties or taxes leviable thereon,- (i) gold bullion, silver bullion, platinum, palladium, radium, precious stones, antiques, currency, narcotics and narcotic and psychotropic substances; or (ii) manufactures of gold or silver or platinum or palladium or radium or precious stones, and any other goods notified by the Federal Government in the official Gazette, which, in each case, exceed 28[fifty thousand rupees] in value; or (iii) any goods by any route other than a route declared under section 9 or 10 or from any place other than a customs-station.] and includes an attempt, abetment or connivance of so bringing in or taking out of such goods; and all cognate words and ex
Special Appellate Court means a Special Appellate Court constituted under section 46 of the Prevention of Smuggling Act,1977; [Pakistan Customs Act, 1969]
special audit means an audit conducted under section 32A; [The Sales Tax Act, 1990]
Special Auditor means a Chartered Accountant or a Cost and Management Accountant appointed under section 32A of the Act; [Sales Tax Rules, 2006]
Special Judge means a Special Judge appointed under (e.g. Section 185; [Pakistan Customs Act, 1969]
Special Judge means the Special Judge appointed under Section 185 of the Customs Act; [The Sales Tax Act, 1990]
stevedore means a person engaged in loading and unloading of cargo, including bulk cargo, from ships in any manner and includes a person providing or rendering any other services related to or ancillary to the handling of or otherwise dealing with such or other similar cargo at port in any manner or style; [Sales Tax Special Procedures Rules, 2007]
Stock-lot:- The goods of this description are different from goods of job-lot in the sense that these are not different in sizes, specifications or colour etc. These are the goods which are kept in stock unsold because of change in tastes, market conditions or slight depreciation in quality because of age etc." [Pakistan Customs General Order]
Sub-assembly:- means a set of components assembled together designed for incorporation with other components or sub-assemblies in the final assembly of a finished product. Several sub-assemblies have to be assembled together to form a final product. [Pakistan Customs General Order]
Sub-components:- means casting and forging (not necessarily with runners and risers), with no other processes carried out on them e.g. engine blocks, forged gear blanks etc. Items like tubes, rods, and sheets etc. cut to size or shape but not further processed will also be treated as sub-components. [Pakistan Customs General Order]
supply means a sale or other transfer of the right to dispose of goods as owner, including such sale or transfer under a hire purchase agreement, and also includes— (a) putting to private, business or non-business use of goods produced or manufactured in the course of taxable activity for purposes other than those of making a taxable supply; (b) auction or disposal of goods to satisfy a debt owed by a person; and (c) possession of taxable goods held immediately before a person ceases to be a registered person: Provided that the Federal Government, may by notification in the official Gazette, specify such other transactions which shall or shall not constitute supply; [The Sales Tax Act, 1990]
surcharge means an amount or charge required to be paid under sections 21A, 83,86,98 and 202A or any surcharge payable as such under this Act; [Pakistan Customs Act, 1969]