Pakistan News

Sales tax exemption for machinery awaiting customs clearance

Sales tax exemption for machinery awaiting customs clearance

ISLAMABAD: The Federal Board of Revenue (FBR) has exempted sales tax on import of textile machinery — piled up at the Karachi ports — to pave way for its clearance.

The issue was raised at the recent Senate Standing Committee on Commerce and Textile which directed the FBR to resolve the issue within a period of 10 days.

SRO996 was issued here by amending the earlier notification to exempt sales tax on import of machinery, not manufactured locally, if imported by textile industrial units.

The government has already exempted the customs duty on import of textile machinery.

Another letter issued to the retail business council and Aptma asked them to integrate with the FBRs’ information and technology system for availing the lower rates of 6pc sales tax. It was clarified that units not integrated will be subject to a higher rate of 9pc, effective from July 1.

Published in Dawn, August 12th, 2018

For more live updates, follow's official news Instagram account

Similar News
Recent News
Back to top