ISLAMABAD: The scope of Federal Excise Duty (FED) on services has been proposed to be enhanced by adding royalty and fee for technical services in the budget 2023-24.
The salient features budget 2023-24 Federal Excise Act 2005 noted that the proposed budgetary measures pertaining to Federal Excise Duty (FED) for fiscal year 2023-24 among revenue measures included; (i); Imposition of FED on energy inefficient fans @ Rs. 2000 per fan and incandescent bulbs @ 20% ad valorem is proposed as approved by the Federal Cabinet in Case No. 01/01/23, dated 03.01.2023 and (ii) the scope of FED on services is proposed to be enhanced by adding royalty and fee for technical services.
Among the streamlining measures, the new clause (e) of sub-section (1) of section 3 is proposed to be added which will elaborate further the chargeability of federal excise duty on goods and services.
The Directorate General of Digital Invoicing and Analysis is proposed to be renamed as Directorate General of Digital Initiatives.
The procedure for publication of general orders and departmental instructions and ruling of the Board on its official website are proposed to align with provisions under the Sales Tax Act, 1990.
Copyright Business Recorder, 2023
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