ISLAMABAD (Dunya News) – Federal Board of Revenue (FBR) has revised rates of sales tax and custom duties. 11 notifications have been issued in this regard.
According to the notifications for fiscal year 2017-18, Incharge Minister has been granted the authority of federal government who will be allowed to revise taxes in urgent circumstances. Incharge Minister’s decisions will be approved by the federal cabinet.
The value of tax and custom duty has been reduced on vehicles above 1800cc. From 1801cc to 2500cc vehicles, custom duties have faced declined up to 75 percent. For the protection of local farmers, tax and custom duty has been raised for imported raw cotton and cloth. To import cloth, 2pc value addition tax apart from 6pc duty will have to be paid.
Also, for the protection of local steel industry and to prevent smuggling in the form of scrap material, duty has been raised on the raw materials.