Glossary_T
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
tariff area means any area in Pakistan outside the limit of a Zone; [Pakistan Customs Rules, 2001]
tax fraction means the amount worked out in accordance with the following formula:R09; a / [100 + a], a is the rate of tax specified in section 3); [The Sales Tax Act, 1990]
tax fraud means knowingly, dishonestly or fraudulently and without any lawful excuse (burden of proof of which excuse shall be upon the accused) – (i) doing of any act or causing to do any act; or (ii) omitting to take any action or causing the omission to take any action, including the making of taxable supplies without getting registration under this Act; or (iii) falsifying or causing falsification the sales tax invoices, in contravention of duties or obligations imposed under this Act or rules or instructions issued there under with the intention of understating the tax liability or underpaying the tax liability for two consecutive tax periods or overstating the entitlement to tax credit or tax refund to cause loss of tax; [The Sales Tax Act, 1990]
tax invoice means a document required to be issued under section 23; [The Sales Tax Act, 1990]
tax period means a period of one month or such other period as the Federal Government may, by notification in the official Gazette, specify; [The Sales Tax Act, 1990]
tax,unless the context requires otherwise, means sales tax; [The Sales Tax Act, 1990]
taxable activity,means any economic activity carried on by a person whether or not for profit, and includes— (a) an activity carried on in the form of a business, trade or manufacture; (b) an activity that involves the supply of goods, the rendering or providing of services, or both to another person; (c) a one-off adventure or concern in the nature of a trade; and (d) anything done or undertaken during the commencement or termination of the economic activity, but does not include— the activities of an employee providing services in that capacity to an employer; an activity carried on by an individual as a private recreational pursuit or hobby; and (c) an activity carried on by a person other than an individual which, if carried on by an individual, would fall within sub-clause (b). [The Sales Tax Act, 1990]
taxable goods means all goods other than those which have been exempted under section 13; [The Sales Tax Act, 1990]
taxable services means the services chargeable to sales tax under the respective Provincial law, and include all such services, utilities or facilities, by whatever name called, which are provided or rendered by a service provider to his clients or customers or members; [Sales Tax Special Procedures Rules, 2007]
taxable supply means a supply of taxable goods made by an importer, manufacturer, wholesaler (including dealer), distributor or retailer other than a supply of goods which is exempt under section 13 and includes a supply of goods chargeable to tax at the rate of zero per cent under section 4; [The Sales Tax Act, 1990]
taxpayer means any person who is required, or liable, to pay, or is paying duty, or tax, or any sum under any or all of the relevant Acts, or the rules and includes any person, other than a government employee, who is assigned any duty or responsibility under any of the relevant Acts or the rules; [Sales Tax Rules, 2006]
TCP means the Trading Corporation of Pakistan; [Sales Tax Special Procedures Rules, 2007]
tenor: (Or Usance). The term fixed for payment of a draft.
terminal means the KICTL or any other container terminal whereat PACCS is operational; [Pakistan Customs Rules, 2001]
Terminal Operator (T.O.) includes the organization or establishment responsible for physical custody of cargo within the customs-port. [Pakistan Customs Rules, 2001]
The exporter usually expects the buyer to pay the charges for the letter of credit, but some buyers may not accept terms that require this added cost. In such cases the exporter must either absorb the letter of credit costs or lose that potential sale.
Time Drafts: If the exporter wants to extend credit to the buyer, a time draft can be used to state that payment is due within a certain time after the buyer accepts the draft and receives the goods, for example, 30 days after acceptance. By signing and writing accepted on the draft, the buyer is formally obligated to pay within the stated time. When this is done the draft is called a trade acceptance and can be either kept by the exporter until maturity or sold to a bank at a discount for immediate payment.
time of supply,in relation to,– (a) a supply of goods, other than under hire purchase agreement, means the time at which the goods are delivered or made available to the recipient of the supply; (b) a supply of goods under a hire purchase agreement, means the time at which the agreement is entered into; and (c ) services, means the time at which the services are rendered or provided; [The Sales Tax Act, 1990]
tourist means a foreigner of any of the following categories who has no residence or occupation in Pakistan and whose stay in the country is not likely to exceed three months, namely:- (i) a person visiting Pakistan for recreation or sight-seeing or is in transit for a short duration; ii) a person travelling for domestic or health reasons; (iii) a person on study or lecture tour or on pilgrimage; (iv) a person travelling in his individual or representative capacity to attend a meeting or function of any scientific, administrative, educational, social, cultural sports or religious nature or for giving a performance; (iv) a person travelling for business purposes; (vi) a person arriving in the course of a sea cruise whose stay in Pakistan exceeds twenty-four hours; and
tramp steamer: A ship not operating on regular routes or schedules.
transshipment means transfer of International commercial cargo or personal unaccompanied baggage from International Airport of first arrival to the destination International Airport within the country without customs clearance. This transfer shall involve unloading of goods from one aircraft and its loading on another aircraft after completion of air transshipment related customs formalities at airport of first arrival. The two aircrafts may or may not be of the same airlines. [Pakistan Customs Rules, 2001]
transshipment goods means goods brought into Pakistan which are to be transported from port to other customs ports or stations; [Pakistan Customs Rules, 2001]
transshipment manifest means manifest to be prepared by the carrier in the prescribed form for submission to Customs Import Section, and to the appropriate officer of Customs at the customs ports or stations of destination. [Pakistan Customs Rules, 2001]
transshipment means the transfer of transshipment goods without payment of customs duties and taxes at port to carrier for carriage to another customs port or stations; [Pakistan Customs Rules, 2001]
transshipment permit means the authorization granted by Customs (Import Section), for transshipment of goods; and
trust receipt: An undertaking singed by a buyer, against which a bank releases merchandise to him for the purpose of manufacture or sale, but retains title thereto. The buyer obligates himself to maintain he identity of the goods or the proceeds thereof distinct from he rest of the assets and to hold them subject to repossession by the bank.
trust,means an obligation annexed to the ownership of property and arising out of the confidence reposed in and accepted by the owner, or declared and accepted by the owner for the benefit of another, or of another and the owner, and includes a unit trust; [The Sales Tax Act, 1990]