Increase in SED notified

The Federal Board of Revenue has notified increase in the rate of the special excise duty (SED) from one percent to 2.5 percent on the import and local supply of non-essential and luxury item. In this regard, the FBR has issued a notification here on Saturday. Following is the text of the notification issued on Saturday: S.R.O. 261(I)/2011.
In exercise of the powers conferred by section 3A and sub-section (2) of section 16 of the Federal Excise Act, 2005, the Federal Government is pleased to direct that the following further amendment shall be made in its Notification No S.R.O. 655(I)/2007, dated the 29th June, 2007, namely: In the aforesaid Notification, in the preamble, in paragraph 1 for the word "one" the words "two and half" shall be substituted.