Pakistan Revenue
KARACHI – Abdul Razak Dawood, the Adviser to the Prime Minister on Commerce and Textile, announced on Saturday that the Pakistani government is set to review 7,000 customs tariff lines as part of a comprehensive new national tariff policy.
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In a major move aimed at boosting both the export sector and domestic industrial production, the Pakistani government has unveiled plans to eliminate or reduce customs duty, additional customs duty, and regulatory duty on 135 tariff lines associated with crucial raw materials.
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The penalty amount, totaling Rs400 million, has been waived for the clearance of goods held up in bonded warehouses.
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Changes to sales tax exemption have been proposed through Finance Supplementary (Second Amendment) Bill of 2019.
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The business association representing multinational companies (MNCs), the Pakistan Business Council (PBC), has strongly criticized the proposed restoration of the Final Tax Regime (FTR) for commercial importers, urging the government to reconsider its decision. The PBC’s concerns were voiced in response to the Finance Supplementary (Second Amendment) Bill of 2019.
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An amount of Rs6.8 billion as revenue loss has been estimated on implementation of reform package by the Federal Board of Revenue (FBR).
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Federal Excise Duty (FED) rates have been revised for locally manufactured and imported vehicles through the Finance Supplementary (Second Amendment) Bill, 2019.
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Sales tax rates have been revised for imported mobile phones. The new tax rates will also apply on local supply as well as registration of IMEI.
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Obtaining Sales tax refunds has been made easy as the government decided to issue 3-year promissory notes to bear 10 percent annual profit.
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Karachi Chamber of Commerce and Industry (KCCI) has expressed hopes that reform package to boost industrialization.
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