Islamabad:Chairman FBR Salman Siddique has said that the Federal Board of Revenue (FBR) will send a summary to the Economic Coordination Committee (ECC) for granting approval to withdraw 50 percent exemption in the rate of Sales Tax on sugar .
After the Regional Commissioners’ Conference ended here at P Block Auditorium, the chairman FBR told media persons that the FBR would send a summary to the ECC for consideration in its next meeting to withdraw exemption of 50 percent in the rate of Sales Tax on sugar.
Currently, the rate of GST on sugar is 8.5 percent and the price of sugar for discharging the tax is fixed at Rs28 per kg, which is much lower than the market price of sugar standing in the range of Rs65 to 70 per kg. “In case of withdrawal of 50 percent exemption on sugar Sales Tax, the sugar will become dearer for Pakistanis,” .
The chairman FBR said that the annual tax target was revised downward from Rs1,667 billion to Rs1,604 billion because of government’s inability to impose the Value Added Tax (VAT) that was aimed at collecting Rs73 billion.
“Now with the proposed taxation measures of 15 percent flood surcharge and 2.5 percent excise duty from April 1, the FBR will strive to achieve its revised target of Rs1,604 billion,” he maintained.
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