In a move aimed at providing relief to consumers, the Federal Board of Revenue (FBR) has announced a reduction in the sales tax rate on the supply of petrol. The new rate, effective immediately, is set at 10.77%, down from the previous rate of 16.40%.
ISLAMABAD: The Federal Board of Revenue (FBR) has prescribed minimum production of steel products for payment of sales tax under Thirteenth Schedule of Sales Tax Act, 1990. According to Finance Act, 2021 an amendment has been made to Section 3 of the Sales Tax Act, 1990 in respect of goods, specified in the Thirteenth Schedule, […]
ISLAMABAD: The government has announced to bring sugar in the third schedule of Sales Tax Act, 1990 to impose sales tax on actual retail price. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced inclusion of sugar in the third schedule. He said that sugar, although not a staple food, is still a […]
ISLAMABAD: The domestic sellers on online platforms like Amazon and Daraz have been brought into tax net, Finance Minister Shaukat Tarin announced this while presenting budget 2021/2022 on Friday. “We have seen extraordinary sales through online marketplaces especially due to Covid-19 lockdowns.” However, contribution made by these e-commerce digital platforms in national exchequer is negligible, […]
ISLAMABAD: The government has announced abolishing duty and taxes on locally manufactured and imported cars with engine capacity up to 850cc to enable low earning families to afford motor vehicles. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday announced duty and tax incentives for sale and import of motor cars with engine […]
ISLAMABAD: The government has facilitated small businesses and increased the threshold of turnover up to Rs10 million from Rs3 million and they will not be required to get sales tax registration. Finance Minister Shaukat Tarin while presenting federal budget 2021/2022 on Friday said that small businesses are the backbone of our economy as they create […]
ISLAMABAD: Finance Minister Shaukat Tarin on Friday said that the government will incentivize consumers through a system of prizes on sales tax receipts through an open ballot every month. The finance minister while presenting the federal budget 2021/2022 on the floor of the house said that a special cell in FBR had been established comprising […]
ISLAMABAD: The federal government on Friday presented budget 2021/2022 and announced following budgetary measures pertaining to Sales Tax: REVENUE MEASURES 1. The sale of goods through online market place is proposed to be brought into the sales tax net by deeming the online market place as supplier in respect of third party sales through their […]
ISLAMABAD: The government has announced an incentive on sales tax rate on supplies made by restaurants and eateries on account of takeaway. The FBR issued SRO 725(I)/2021 dated June 08, 2021 to exempt sales tax in excess of five percent chargeable on supplies made by restaurants and eateries on account of takeaway subject to the […]
ISLAMABAD – In a bid to enhance transparency and compliance, the Federal Board of Revenue (FBR) has stipulated that registered businesses must retain their sales tax records for a period of six years for audit and examination purposes.