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ISLAMABAD: The Federal Board of Revenue (FBR) will “sell” federal excise rules, general orders and departmental instructions/ rulings to the general public, according to the updated tax laws issued on Wednesday.

The FBR has notified the updated Sales Tax Act, 1990 and Federal Excise Act up to June 30, 2023, to incorporate amendments made in the sales tax/ federal excise laws through the Finance Act 2023.

The FBR, on Wednesday issued the amended Sales Tax Act, 1990 and the Federal Excise Act 2005.

FBR unveils updated ST and FED laws

All changes made through the Finance Act 2023 have been reflected through the revised Sales Tax Act, 1990 and the Federal Excise Act 2005.

Under the amended Federal Excise Act, all rules, shall be collected, arranged and published along with general orders and departmental instructions and rulings, if any, at appropriate intervals and sold to the public at reasonable price or may be placed regularly on the official website maintained by the Board.

The updated Federal Excise Act revealed that 20 percent FED 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.

The updated Act said that where taxable supplies are made to a person who has not obtained registration number, or he is not an active taxpayer, there shall be charged, levied and paid a further tax at the rate of four percent of the value.

The revised Sales Tax Act stated that Directorate General of Digital Initiatives shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors and Assistant Directors and such other officers as the Board may, by notification in the official Gazette, appoint.

The amended law has also issued a detailed procedure on Alternative Dispute Resolution.

The Act has specified that any person who manufactures, possesses, transports, distributes, stores or sells goods or class of goods as specified by the Board with counterfeited tax stamps, banderols, stickers, labels or barcodes or without tax stamps, banderols, stickers, labels or barcodes, such (specified goods) shall be liable to outright confiscation.

The review of the updated Act revealed that the sales tax zero-rating will apply on imports or supplies made by, for or to a qualified investment as specified at Serial No.1 of the First Schedule to the Foreign Investment (Promotion and Protection) Act, 2022 for the period as specified in the Second Schedule to the said Act.

Sales tax exemption would be available on supplies and imports of plant, machinery, equipment for installation in tribal areas and of industrial inputs by the industries located in the tribal areas, as defined in the Constitution, as made till June 30, 2024.

The sales tax exemption has been allowed on the supplies of electricity, as made from the day of assent to the Constitution (Twenty-fifth Amendment) Act, 2018, till June 30, 2024 to all residential and commercial consumers in tribal areas, and to such industries in the tribal areas which were set and started their industrial production before May 31, 2018 excluding certain sectors.

Copyright Business Recorder, 2023

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