Law division approves imposing Rs182b additional tax
FBR had sent drafts of SROs for increase in regulatory, additional customs duties
Representational image. PHOTO: REUTERS
ISLAMABAD :
The law division has validated a summary of imposing Rs182 billion additional tax and at the same time providing Rs40 billion tax relief, for which, an official notification is expected to be issued soon.
Sources said the Federal Board of Revenue (FBR) had sent drafts of SROs for increase in regulatory and additional customs duties for validation to the law division.
Parliament’s approval through finance bill isn’t necessary as the FBR possesses the authority to increase additional customs and regulatory duties.
Sources say additional customs duty imposed on approximately 6,000 items is expected to be increased from 2.0% to 3.0% through FBR’s proposed SROs, which will generate additional revenue of over Rs50 billion for the FBR.
Revenue received by the FBR as additional customs duty will stand at Rs130 billion from the earlier Rs80 billion.
According to sources, through revised SROs, rate of regulatory duty on import of yogurt, packaged flavoured milk, butter, honey, whey powder, poultry, flour, superfine flour, dry fruits, fruits, betel/areca nut, aluminium, paints, varnish, perfumes, lipstick and other makeup items, pre-shave and after shaving items, soaps, wash basins, sink, bathtub along with other sanitary items, razors, fans, electric ovens, hair dryers, telephone sets, LCDs, LED, minivan, 4X4 vehicles, used old cars, kids’ diapers along with nearly 1,300 items is expected to increase by 5.0%.
Other than this, 5.0% duty is being imposed on import of flour. Regulatory duty on import of kids’ garments, male and female shirts, track suits, ladies shawls, scarfs, handkerchiefs, ties, bowties, male and female overcoats, raincoats, blankets and travel carpets, curtains, bed linen, table linen, artificial flowers and fruits, tubes, pipes, cables, tables and kitchen along with other household items is being increased from 5.0% to 10%.
The rate of regulatory duty on live poultry, chicken, margarine, paints, varnish, sulfuric acid, photopolymers and CTP plates used in the printing of newspapers and magazines, plastic stoppers used in the packing of items, clips, caps, gloves, cotton yarn, cotton fabrics, glass, glass bottles and jars, cutlery made of glass, all types of locks used in furniture, padlocks along with other items, is being increased from 10% to 15%, while the rate of regulatory duty on fish, fish meat, different flavoured milk and cream, whey powder, potato chips, coconut, Brazilian dry fruits and cashew, fresh or dry porridge, all kinds of nut bolts and washers is being increased from 25% to 30%.
The law division has validated a summary of imposing Rs182 billion additional tax and at the same time providing Rs40 billion tax relief, for which, an official notification is expected to be issued soon.
Sources said the Federal Board of Revenue (FBR) had sent drafts of SROs for increase in regulatory and additional customs duties for validation to the law division.
Parliament’s approval through finance bill isn’t necessary as the FBR possesses the authority to increase additional customs and regulatory duties.
Sources say additional customs duty imposed on approximately 6,000 items is expected to be increased from 2.0% to 3.0% through FBR’s proposed SROs, which will generate additional revenue of over Rs50 billion for the FBR.
Revenue received by the FBR as additional customs duty will stand at Rs130 billion from the earlier Rs80 billion.
According to sources, through revised SROs, rate of regulatory duty on import of yogurt, packaged flavoured milk, butter, honey, whey powder, poultry, flour, superfine flour, dry fruits, fruits, betel/areca nut, aluminium, paints, varnish, perfumes, lipstick and other makeup items, pre-shave and after shaving items, soaps, wash basins, sink, bathtub along with other sanitary items, razors, fans, electric ovens, hair dryers, telephone sets, LCDs, LED, minivan, 4X4 vehicles, used old cars, kids’ diapers along with nearly 1,300 items is expected to increase by 5.0%.
Other than this, 5.0% duty is being imposed on import of flour. Regulatory duty on import of kids’ garments, male and female shirts, track suits, ladies shawls, scarfs, handkerchiefs, ties, bowties, male and female overcoats, raincoats, blankets and travel carpets, curtains, bed linen, table linen, artificial flowers and fruits, tubes, pipes, cables, tables and kitchen along with other household items is being increased from 5.0% to 10%.
The rate of regulatory duty on live poultry, chicken, margarine, paints, varnish, sulfuric acid, photopolymers and CTP plates used in the printing of newspapers and magazines, plastic stoppers used in the packing of items, clips, caps, gloves, cotton yarn, cotton fabrics, glass, glass bottles and jars, cutlery made of glass, all types of locks used in furniture, padlocks along with other items, is being increased from 10% to 15%, while the rate of regulatory duty on fish, fish meat, different flavoured milk and cream, whey powder, potato chips, coconut, Brazilian dry fruits and cashew, fresh or dry porridge, all kinds of nut bolts and washers is being increased from 25% to 30%.