ISLAMABAD: The Federal Board of Revenue (FBR) has issued concessionary Statutory Regulator Orders (SROs) for reduction in duty and tax rate for import of pulses and edible oil/seeds.
The FBR issued two different SROs i.e. SRO 287(I)/2020 and SRO 288(I)/2020 to allow concession of duty and taxes on domestic supply and import of goods.
Through SRO 287(I)/2020 the government has allowed exemption from withholding income tax on import of pulses till June 30, 2020.
Similarly, through SRO 288(I)/2020 the FBR also withdrew additional customs duty imposed on import of pulses. This additional customs duty shall not be levied till June 30, 2020.
Through SRO 287(I)/2020 the rate of tax under Section 153 shall be at 1.5 percent in case of a person, other than a company, as a recipient of payment for goods supplied to Utility Stores Corporation of Pakistan. The tax rate shall be applied on the gross amount of payment in respect of supply of tea, spices, salt, dry milk, sugar, pulses, wheat flour and ghee for the period commencing from the date of issuance of the notification till June 30, 2020.