ISLAMABAD: The Federal Board of Revenue (FBR) has issued a list of 714 items on which input tax adjustment shall not be allowed to five leading export-oriented industries i.e. textile, leather, carpets, surgical and sports.
The list issued by the FBR on Thursday revealed that the input tax adjustment shall not be allowed to the manufacturers of five leading export sectors on goods which are not related to their business activity.
The negative list of such unrelated goods has been given in the sales tax order issued by the FBR on Thursday.
The negative list included certain types of services and items like newsprint, in rolls or sheets, pharmaceutical goods, fertilizers animal or vegetable, oils essential, cosmetic and toilet preparations beauty, make-up and skin care preparations, hair preparations, re-meltable scrap, iron and non-alloy steel ingots / bala, iron or non-alloy steel bars and rods, stainless steel flat-rolled products, furniture medical, surgical, dental or veterinary, lamps, light fittings including searchlights, spotlights and parts thereof and many other items as well as different kinds of services.
Copyright Business Recorder, 2023