FBR raises sales tax on tea
ISLAMABAD: The Federal Board of Revenue (FBR) has increased the sales tax on both locally supplied and imported tea. As per details, the FBR has established a minimum retail price of Rs. 1,200 per kilogram, raising the current sales tax rate on tea from 17% to 18%. The decision was
Pakistan tractor industry on verge of collapse amid new sales tax
Pakistan’s tractor industry is on the brink of collapse following the imposition of a 10 percent sales tax, which has thrown the sector into an unprecedented crisis, according to industry sources. The potential shutdown threatens the livelihoods of 500,000 families and directly impacts around 200,000 workers employed within the industry.
FBR abolishes 18% sales tax on auction of serviceable vehicles
The Federal Board of Revenue (FBR) has announced the abolition of the 18 percent sales tax on the auction of serviceable old and used vehicles, provided that the sales tax was already paid at the time of their local purchase or importation. However, the FBR clarified that sales tax will
New federal excise duty on property transactions announced by FBR
ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a new Federal Excise Duty (FED) on property transactions, effective immediately. Under the updated Federal Excise Act 2005, a 3 percent FED will be applied to the allotment or transfer of commercial properties and the first allotment or first transfer of
Medicine prices set to skyrocket under new government policy
The cost of medicines in the country is expected to increase due to the introduction of an 18% sales tax and the decision by the federal government to deregulate the prices of non-essential medicines. Following this decision, pharmaceutical companies will have the freedom to set and sell medicine prices according
850cc cars price set to soar post-budget
WEB DESK: The Federal Board of Revenue (FBR), Pakistan’s principal tax authority, has proposed a significant increase in withholding tax for vehicles boasting an engine capacity of 850cc or higher. This move, if implemented, is poised to further burden prospective car buyers financially. Furthermore, the government is contemplating augmenting the
IMF recommends Pakistan to increase GST to 18 pc
WEB DESK: The International Monetary Fund (IMF) has proposed that Pakistan elevate its general sales tax (GST) to 18 per cent, as disclosed in recent discussions between the IMF delegation and Pakistani authorities regarding a potential new loan arrangement. During four extensive rounds of talks, the IMF mission expressed concerns
FY 24-25 budget expected on June 7
In response to IMF pressure, the Pakistan government is contemplating ending tax exemptions in the forthcoming FY budget.
