BAFL 45.66 Increased By ▲ 0.56 (1.24%)
BIPL 20.08 Decreased By ▼ -0.17 (-0.84%)
BOP 5.34 Decreased By ▼ -0.06 (-1.11%)
CNERGY 4.54 Increased By ▲ 0.01 (0.22%)
DFML 16.01 Increased By ▲ 0.33 (2.1%)
DGKC 78.62 Increased By ▲ 5.74 (7.88%)
FABL 27.80 Increased By ▲ 0.65 (2.39%)
FCCL 18.86 Increased By ▲ 1.21 (6.86%)
FFL 8.96 Decreased By ▼ -0.13 (-1.43%)
GGL 12.85 Increased By ▲ 0.21 (1.66%)
HBL 111.54 Increased By ▲ 0.88 (0.8%)
HUBC 122.23 Increased By ▲ 0.71 (0.58%)
HUMNL 7.69 Increased By ▲ 0.34 (4.63%)
KEL 3.29 Increased By ▲ 0.06 (1.86%)
LOTCHEM 27.80 Increased By ▲ 0.48 (1.76%)
MLCF 42.36 Increased By ▲ 3.03 (7.7%)
OGDC 110.37 Increased By ▲ 2.37 (2.19%)
PAEL 18.97 Increased By ▲ 1.41 (8.03%)
PIBTL 5.46 No Change ▼ 0.00 (0%)
PIOC 114.91 Increased By ▲ 6.91 (6.4%)
PPL 94.72 Increased By ▲ 2.97 (3.24%)
PRL 25.32 Increased By ▲ 0.44 (1.77%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 64.32 Increased By ▲ 1.22 (1.93%)
SSGC 12.26 Increased By ▲ 0.37 (3.11%)
TELE 8.36 Increased By ▲ 0.17 (2.08%)
TPLP 13.35 Increased By ▲ 0.24 (1.83%)
TRG 83.84 Increased By ▲ 2.23 (2.73%)
UNITY 25.89 Increased By ▲ 0.14 (0.54%)
WTL 1.54 Increased By ▲ 0.02 (1.32%)
BR100 6,308 Increased By 126.6 (2.05%)
BR30 21,973 Increased By 434.1 (2.02%)
KSE100 61,691 Increased By 1160 (1.92%)
KSE30 20,555 Increased By 366.1 (1.81%)

ISLAMABAD: The Federal Board of Revenue (FBR) has issued the updated Sales Tax Act, 1990 and Federal Excise Act up to February 23, 2023, to incorporate amendments made in the sales tax law through the Finance (Supplementary) Bill, 2023.

The FBR, on Tuesday, issued the amended Sales Tax Act, 1990 and the Federal Excise Act up to February 23, 2023.

The review of the updated Act revealed that the FBR has replaced 17 percent sales tax with 18 percent.

The updated Act said that the federal government may, subject to such conditions and restrictions as it may impose, by notification in the official gazette, declare that the tax on goods specified in the Third Schedule shall be collected and paid at such higher rate or rates on the retail price thereof, as may be specified in the said notification.

FBR imposes sales tax on import of printed materials

The Act has specified 18 percent sales tax on the import and supply of potassium chlorate along with Rs967per kilogram.

The 18 percent sales tax would be applicable on the import of mobile phones exceeding US$ 200 but not exceeding US$ 350. The 18 percent sales tax would be applicable on the import of mobile phones exceeding US$350 but not exceeding US$500. Mobile phones exceeding the value of US$500 would be subjected to the 25 percent sales tax.

As per the revised Federal Excise Act, a 10 percent excise duty would be applicable on sugary fruit juices, syrups and squashes, waters whether or not containing added sugar or artificial sweeteners excluding mineral and aerated waters.

Under the amended Federal Excise Act, locally-produced cigarettes if their on-pack printed retail price exceeds Rs9,000 per 1,000 cigarettes, the rate of FED would be Rs16,500 per 1,000 cigarettes.

Locally-produced cigarettes if their on-pack printed retail price does not exceed Rs9,000 per 1,000 cigarettes, the rate of duty would be Rs5,050 per 1,000 cigarettes.

Copyright Business Recorder, 2023

Comments

Comments are closed.

FBR unveils updated ST and FED laws

Gohar Ali Khan elected unopposed as new PTI chairman

COP28 should deliver with actions, says caretaker PM Kakar

Solar panel, allied equipment manufacturing: Govt decides to identify, plug policy gaps

Gold price per tola increases Rs3,100 in Pakistan

Caretaker PM urges developed world to rectify shortfalls in Paris Agreement commitments

PSO allowed Rs3.21 per litre exchange rate adjustment

Army prepared to defend territorial integrity of Pakistan: COAS

Only photovoltaic cells exempted from sales tax: FBR

Climate plans: Over 130 nations agree to include food, agriculture

DPC proposes ‘appropriate’ changes in statute