Presidential Ordinance for introducing new taxation measures has proposed Federal Excise Duty (FED) on lubricating oil supplied to Pakistan Navy for its vessels. It is learnt here on Tuesday that the draft of the Presidential Ordinance has proposed withdrawal of conditional FED exemptions on certain items as available under Third Schedule (Table-I) of the Federal Excise Act 2005.

The cigarette manufactures have succeeded in incorporating the proposal of their choice in the Presidential Ordinance for revision of Federal Excise Duty (FED) slabs on cigarettes. Sources told Business Recorder on Tuesday that the cigarette manufacturing units have managed to get their own proposal approved in the Finance Ordinance.

Pakistan Tanners Association (PTA) has expressed its concern over the Federal Board of Revenue's proposal, submitted to the Ministry of Finance, to enhance withholding tax (WHT) rates. While talking to Business Recorder, PTA Chairman Agha Saiddain said FBR had once again moved a proposal to the Ministry of Finance suggesting upward changes in the rates of WHT in the budget 2013-14.