Sugar import through TCP: FBR abolishes sales tax on local supply

ISLAMABAD: The Federal Board of Revenue (FBR) has abolished sales tax on the local supply of 300,000 metric tons of sugar imported by the Trading Corporation of Pakistan (TCP). The FBR has issued SRO 1038(I)/2020, here on Monday, to amend SRO 751(1)72020, dated 20th August, 2020.

Last month, the FBR had exempted sales tax, and withholding tax, on the import of 300,000 metric tons of sugar by the TCP. The FBR had exempted whole of the sales tax on the import of 300,000 metric tons of white sugar, specification-B as per the PSQCA standards by the TCP. Through SRO 1038(I)/2020, the exemption of sales tax on domestic supply of sugar would be applicable on the same quantity of sugar being imported by the TCP.

Copyright Business Recorder, 2020