Budget 2021/2022: sales tax on sugar to be imposed on retail price

Jun 12

Budget 2021-2022, Taxation

Budget 2021/2022: sales tax on sugar to be imposed on retail price

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 […]

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SBP issues guidelines for processing sugar import at concessionary tax rates

Mar 29

Money & Banking

SBP issues guidelines for processing sugar import at concessionary tax rates

KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to process application for import of raw sugar at concessionary tax rates. The SBP said that the government had allowed 300,000 metric tons of raw sugar to be imported by sugar millers at reduced withholding tax rate. The central bank further said that […]

by Anjum Shah

FBR allows income tax exemption on sugar import

Feb 23

Taxation

FBR allows income tax exemption on sugar import

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday allowed exemption from income tax on import of raw and refined sugar. The FBR issued SRO 235(I)/2021 in pursuance to the federal cabinet decision dated January 26, 2021. Through the SRO the FBR amended Second Schedule of the Income Tax Ordinance, 2001. According to the amendments, the […]

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FBR exempts sales tax, VAT on sugar import

Feb 19

Taxation

FBR exempts sales tax, VAT on sugar import

ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued notification to exempt sales tax and value added tax on import of 500,000 metric tons of white sugar. The FBR issued SRO 215(I)/2021 to comply with ECC decision taken on January 20, 2021 regarding import of sugar at reduced tax rates to facilitate general public by […]

by Anjum Shah

ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

Jan 20

Finance

ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved removal of value added sales tax and reduction of withholding income tax to nominal 0.25 percent on import of white sugar. Finance Minister Dr. Abdul Hafeez Shaikh chaired the meeting ECC of the Cabinet. The ministry of industries and Production presented a summary […]

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Jan 18

Finance

Finance minister directs monitoring consumer price of sugar

ISLAMABAD: Dr. Abdul Hafeez Sheikh, Federal Minister for Finance and Revenue, has directed authorities to monitor consumer price of sugar through the country besides focusing on stocks and supply position of the commodity. The finance minister chaired the meeting of the National Price Monitoring Committee (NPMC) on Monday. The finance minister directed ministry of industries […]

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FBR grants tax relief of Rs24.14 billion on sugar sales

Oct 18

Taxation

FBR grants tax relief of Rs24.14 billion on sugar sales

ISLAMABAD: Federal Board of Revenue (FBR) has granted concession of Rs24.14 billion as sale tax on domestic supply of sugar. According to official documents, the FBR granted concession of Rs24.41 billion on supply of domestic sales of sugar to end consumers during tax year 2020. The concession was granted as reduced rate of eight percent […]

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FBR exempts sales tax on local supply of imported sugar

Oct 12

Taxation

FBR exempts sales tax on local supply of imported sugar

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempted 17 percent sales tax on domestic sale of imported sugar. The FBR issued SRO 1038(I)/2020 to comply with the government decision to allow tax free import of sugar in order to reduce the price of the commodity in the local market. The Economic Coordination Committee (ECC) […]

by Anjum Shah

Persons on Sales Tax ATL allowed sugar import with tax concessions

Sep 4

Taxation

Persons on Sales Tax ATL allowed sugar import with tax concessions

ISLAMABAD: The ministry of commerce has said that only those importers, who are on the Active Taxpayers List (ATL) of Sales Tax issued by the Federal Board of Revenue (FBR), are eligible to import white sugar on concessional rate of tax. The Economic Coordination Committee (ECC) of Cabinet in its meeting held in last week […]

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SBP issues instructions to banks on sugar import

Aug 31

Money & Banking

SBP issues instructions to banks on sugar import

KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks regarding import of sugar by private importers. The central bank said that the ministry of commerce had issued a public notice stating that the government had allowed import of 200,000 tons of white sugar by private importers as per the terms and conditions […]

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