The Federal Board of Revenue (FBR) has allowed exemption of turnover tax for trading houses for a period of 10 years under Section 113 of the Income Tax Ordinance 2001. In this regard, the FBR has issued an SRO.439(I)/2013 here on Monday. When contacted, a tax expert was of the view that the indefinite exemption from provisions of Section 113 available to companies operating trading houses has been restricted up to first ten years.

The Federal Board of Revenue's (FBR) attempt to expand scope of sales tax on retail price on numbers of items may result in increase in the prices of such items/products.

Presidential Ordinance on taxation measure has proposed 16 percent standard rate of sales tax on sugar. Sources told Business Recorder here on Tuesday that earlier the FBR has proposed to enhance sales tax on sugar in coming budget (2013-14). Now, the 16 percent sales tax on the commodity would be imposed through the Presidential Ordinance before the announcement of budget.