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Budget 2021-22: Tax-free Border Sustenance Markets proposed

Shahnawaz AkhterWeb Editor

11th Jun, 2021. 07:38 pm
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Budget 2021/22

KARACHI: The federal government has proposed the establishment of Border Sustenance Markets to mitigate the problems being faced by the people residing in the border areas due to fencing and counter-smuggling measures.

The specified goods when supplied within the limits of the Border Sustenance Markets, established in cooperation with Iran and Afghanistan, will completely be exempted from the sales tax.

If such goods are brought outside the limits of such markets, sales tax will be charged on the value assessed on the goods declaration import or the fair market value, whichever is higher.

Moreover, such items in case of import, will be allowed clearance by the Customs authorities subject to furnishing of bank guarantee equal to the amount of sales tax involved and the same will be released after presentation of the consumption certificate issued by the Commissioner Inland Revenue concerned.

According to the budget proposal, the exemption will only be available to a person upon furnishing proof of having a functional business premises located within the limits of the Border Sustenance Markets.

The goods to be exempted from the sales tax in Border Sustenance Markets included vegetables, dried leguminous vegetables, seeds of vegetables, knives and cutting blades for paper and paper board, milk and cream, fruits, green tea, sugar syrup and lactose, sewing and embroidery thread, kitchen appliances, household articles, glassware, wheat flour, bicycles and delivery tricycles.

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