FBR to notify withholding tax exemption for wheat import

FBR to notify withholding tax exemption for wheat import

ISLAMABAD: Federal Board of Revenue (FBR) soon to issue exemption from withholding tax on import of wheat in order to ensure availability of the commodity in the country.

Omar Hamid, Secretary Ministry of National Food Security and Research (NFS&R), said while chairing a meeting on wheat import on Monday.

He said that taxes and duties have already been abolished by the federal government including, regulatory duty 60 percent, custom duty 11 percent, sales tax 17 percent and withholding tax 06 percent.

“The waiver of withholding tax will be notified in matter of days,” he added.

He said that private wheat importers would be given priority.

Secretary NFS&R was of the point of view that legitimate concerns of importers will be solved at the earliest.

He mentioned that NFS&R is working in PM Imran Khan Direction of to ensure uninterrupted supply countrywide. NFS&R will help wheat importers at all levels.

So that ultimately public can get wheat at affordable price. NFS&R is facilitating wheat importers by helping them in priority berthing, storage,multiple ports and clearances on the landing of shipment.

He said that imported wheat is exempted from the Anti- Hoarding Act imposed by the provincial governments on producing verified import record by the importers.

The meeting was attended by wheat importers, representatives from NFS&R, Ministry of Maritime Affairs, FBR and Finance Division.