ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday explained the increased rate of Federal Excise Duty (FED) applied through Finance Supplementary Act, 2023.
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The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
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Sales tax rate enhanced to 18 pc for increasing tax to GDP ratio: FBR
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that standard rate of sales tax has been enhanced to 18 per cent to increase the tax to GDP ratio.
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FBR gets 4.19 million active taxpayers in last list for Tax Year 2021
Federal Board of Revenue (FBR) received 4.19 million taxpayers, according to an official document released on Monday. The FBR issued the last Active Taxpayers List (ATL) for tax year 2021. The revenue body carried the name of those individuals or corporate entities, who filed their returns till February 26, 2023.
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New massive taxation makes marriage functions very costly in Pakistan
New income tax rate on marriage functions in Pakistan has been introduced through Finance (Supplementary) Act, 2023. The rate shall be applicable
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FBR to issue new list of active taxpayers on March 01
KARACHI: Federal Board of Revenue (FBR) is set to issue new list of Active Taxpayers for the tax year 2022 on March 01, 2023.
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New rates of sales tax on mobile phones imposed through mini budget
ISLAMABAD: Federal Board of Revenue (FBR) has issued new rates of sales tax on mobile phones after implementation of the mini budget.
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FBR issues new rates of duty, taxes under Finance (Supplementary) Act 2023
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued new rates of duty and taxes under Finance (Supplementary) Act, 2023, after President Dr. Arif Alvi signed the bill following approval from both the houses.
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Amnesty scheme proposal for enhancing dollars inflow rejected
The federal government has firmly rejected a proposal for an amnesty scheme aimed at bolstering the inflow of dollars into the country.
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FBR continues imposition of higher additional customs duty till March 31
ISLAMABAD: Federal Board of Revenue (FBR) has continued the application of additional customs duty on import of luxurious and non-essential items till March 31, 2023.
The FBR issued SRO 206 (I)/2023 dated February 20, 2023 to continue the additional customs duty on a number of imported goods till March 31, 2023.
The FBR previously imposed additional customs duty at the rate of 35 per cent on import of motor vehicles under various HS Codes.
The FBR issued SRO 1572(I)/2022 dated August 22, 2022 to notify amended rates of additional customs duty on import of various items. Through the instant SRO, the revenue body amended SRO 967(I)/2022 dated June 30, 2022.
READ MORE: Pakistan keeps 100 pc regulatory duty on car imports
According to the latest SRO 1572(I)/2022, the FBR said thirty-five per cent additional customs duty on vehicle falling under PCT codes 8703.2323, 8703.2329, 8703.2490, 8703.3223, 8703.3225, 8703.3229, 8703.3390 and 8703.9000.
The FBR said that the notification would take effect on and from August 22, 2022 till 21st day of February 2023.
Through previous SRO 967(I)/2022 the additional customs duty was imposed at 2 per cent on cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000 CC and heavy commercial vehicles in CKD condition.
READ MORE: Active Taxpayers List expires on February 28, 2023: FBR
The FBR imposed the additional customs duty in order to discourage luxury imports into the country in order to save foreign exchange.
It is worth mentioning that the government on May 19, 2022 through imposed a complete ban on import of luxury and non-essential items in order to stop depletion in foreign exchange reserves as well as stop free fall in rupee value.
READ MORE: FBR plans facilitation at taxpayers’ doorstep
However, on August 20, 2022, the government reversed its decision and allowed import of luxury and non-essential items despite the fact the foreign exchange reserves were declined drastically and the rupee value also registered massive fall against the US dollar.
Alternate to allowing import of luxury and non-essential items, the government increased regulatory duty and additional customs duty on import of various goods.
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Pakistan keeps 100 pc regulatory duty on car imports
ISLAMABAD: Pakistan has kept the 100 per cent regulatory duty on car imports till March 31, 2023.
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