FBR abolishes all tax exemptions on sales tax, customs duties
Business
says rate of withholding tax on retailers has also been increased
ISLAMABAD (Dunya News) – Federal Board of Revenue (FBR) Chairman Amjad Zubair Tiwana has said the board has abolished all tax exemptions on sales tax and customs duties.
While giving post budget briefing, he said an additional target of Rs3,800 billion would be achieved for the next financial year.
Around Rs1,800 billion taxes would be collected through policy and enforcement, he said adding that around Rs400 to 450 billion exemptions would be abolished.
Tiwana said 5 percent excise duty had been imposed on immoveable property, excise duty has also been imposed on plots and commercial properties, while exports are being brought under normal tax regime.
The rate of withholding tax on retailers had also been increased, he concluded.
