ISLAMABAD: Federal Cabinet has yet not approved 25 percent sales tax on the import of hundreds of luxury items and the Federal Board of Revenue (FBR) has not issued any notification till Friday late night.
Sources told Business Recorder here on Friday that the draft notification is ready, but the FBR will issue the notification after approval of the cabinet through circulation. “As no approval has been received; therefore, no notification is issued till now.
The FBR has moved a summary to the federal cabinet for imposing a higher rate of 25 percent sales tax on the import of a wide range of luxury and non-essential items.
25pc GST on luxury items: FBR will move a summary
The FBR has obtained the enabling powers of the federal government under the Finance (Supplementary) Act, 2023, to levy 25 percent sales tax on the import of luxury items.
The FBR is now fully empowered to impose 25 percent sales tax at the import stage but the approval needs to be taken from the federal cabinet in this regard.
Sources dispelled the impression that the federal cabinet has given any approval of the notification on Friday. Therefore so far no such notification has been issued. The situation would be clear on Saturday (today).
Copyright Business Recorder, 2023
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