The Federal Board of Revenue (FBR) has withdrawn additional customs duty on the import of some raw materials.
As per the details, additional customs duty has been withdrawn of the import of raw materials of around 174 tariff lines.
Sources said that FBR on Thursday issued SRO 81(I)/2021 dated January 22, 2021, to abolish additional customs duty on import of raw materials of 174 tariff lines. The SRO has been issued to comply with the decision of the Economic Coordination Committee (ECC) meeting held on January 06, 2021.
A summary was presented by the Ministry of Commerce regarding the removal of additional 2 percent customs duty on raw materials on the rules under National Tariff Policy 2019-2024. The summary was approved by the ECC with the direction that the budget cycle must be observed while planning significant incentives for businesses and industries for smooth planning as well as subsequent implementation during the financial year.
The Federal Board of Revenue (FBR) has imposed additional taxes on the selling of new cars within 90 days of purchase.
Detailing about the new tax imposed, FBR said that the government has decided to impose close to Rs200, 000 additional withholding tax on the purchase of new cars.
For 600 to 1000cc cars, there will be an additional WHT of Rs50, 000, while for 2000cc cars there will be Rs100,000 tax. While WHT of Rs 200,000 will be charged on any car above 2000cc.
According to FBR the new tax imposed to control ‘On Money’ practice and to meet the tax target set for the FBR by the government. The tax has already been approved by the federal cabinet.