sales tax Archives - Page 5 of 11

FBR collects Rs459 billion as sales tax on POL products in TY 2022

October 15, 2022January 18, 2024Mrs. Anjum Shahnawaz

The Federal Board of Revenue (FBR) has reported a substantial growth in sales tax collection on the import of Petroleum, Oil, and Lubricants (POL) products during the tax year 2022, reaching an impressive Rs459 billion.

Inquiry ordered into collection of increased sales tax ratio

August 21, 2022July 17, 2024Mrs. Anjum Shahnawaz

The government on Sunday ordered an inquiry into the collection of sales tax at increased rates from retailers. Prime Minister Muhammad Shehbaz Sharif directed the investigation, focusing on the imposition of a higher sales tax ratio on small traders through electricity bills, which exceeded the agreed-upon rate.

Pakistan decides to roll back fixed tax scheme

August 10, 2022August 10, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: Pakistan has decided to roll back the fixed tax scheme, which was introduced in the Finance Act, 2022 for retailers to pay sales tax through electricity bills. The government took the decision after severe protest from stakeholders, which also included those service providers who were not under the jurisdiction of federal tax authority. In […]

Special tax regime for pharma sector introduced

July 14, 2022July 14, 2022Faisal Shahnawaz

KARACHI: A special sales tax regime has been introduced for pharmaceutical sector through Finance Act, 2022 by making amendments in Sales Tax Act, 1990. As per the special tax regime manufacture or import of substances registered as drugs under the Drugs Act, 1976 shall be subject to 1 per cent sales tax with the condition […]

Budget 2022/2023: Salient features of sales tax

June 11, 2022April 29, 2026Mrs. Anjum Shahnawaz

ISLAMABAD: Following are the salient features of amendment made to Sales Tax Act, 1990 through Finance Bill, 2022.

Pakistan may increase normal sales tax rate to 18%

June 9, 2022June 9, 2022Hamza Shahnawaz

Pakistan is likely to increase sales tax rate to 18 per cent in the federal budget 2022-2023, which is scheduled on June 10, 2022. The existing normal sales tax rate is 17 per cent. According to Budget Preview 2022/2023 issued on Thursday, analysts at Arif Habib Limited said the government is considering to raise an […]

Sales tax collection from POL products falls by 40%

February 20, 2022February 20, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: The Federal Board of Revenue (FBR) has recorded a decline of 40 per cent in sales tax (ST) collection on petroleum (POL) products during the first half of the current fiscal year, according to official documents made available to PkRevenue.com According to the official statistics, the collection of sales tax fell to Rs69 billion […]

FBR slashes sales tax rates on petrol, HSD

January 18, 2022January 18, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday slashed sales tax rates on petrol and high speed diesel (HSD) in order to reduce the impact of high oil prices at consumer end. The FBR issued SRO 88(I)/2022 dated January 18, 2022 to notify changes the sales tax rates on supply of petroleum products. The sales […]

FBR raises sales tax on all petroleum products

January 3, 2022January 3, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday notified an increase in sales tax on all the petroleum products. The FBR issued SRO 01(I)/2022 to notify increase in sales tax rates on petroleum products. The FBR amended the rates of sales tax, which were issued previously through SRO 1604(I)/2021 on December 16, 2021. READ […]

FBR notifies increase in sales tax on petrol, HSD

December 16, 2021January 25, 2024Mrs. Anjum Shahnawaz

The Federal Board of Revenue (FBR) has announced an increase in sales tax on the supply of petrol and high-speed diesel (HSD), as outlined in the recently issued SRO 1640(I)/2021.

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