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ISLAMABAD: The exemption of federal excise duty would be available on the imports made by diplomats, diplomatic missions, privileged persons and privileged organizations under the updated Federal Excise Act 2005.

The revised Federal Excise Act 2005, updated up to June 30, 2024, revealed that the conditional exemption of FED would be available on the imports made by diplomats, diplomatic missions, privileged persons and privileged organizations which are covered under various Acts, Orders, Rules, Regulations and Agreements passed by the Parliament or issued or agreed by the government of Pakistan.

Under the Third Schedule (Conditional exemptions) of the Federal Excise Act 2005, all goods imported, produced or manufactured in Pakistan and services provided or rendered except such goods and services as are specified in the First Schedule shall be exempt from whole of excise duties.

Exemptions withdrawn: Rs1.8trn new taxation measures unveiled

Provided that goods and services specified in the Third Schedule shall be exempt from duty subject to such conditions and restrictions, if any, specified therein and no adjustment in terms of section 6 shall be admissible in respect of goods exempt from duty of excise whether conditionally or otherwise.

The FBR will charge 3 percent Federal Excise Duty on allotment or transfer of commercial property and first allotment or first transfer of open plots or residential property by any developer or builder in such mode and manner and subject to such conditions and restrictions as may be prescribed by the Board.

The rate of duty would be 3 percent of gross amount of consideration involved where the buyer is appearing on active taxpayer list maintained under section 181A of the Income Tax Ordinance, 2001 on the date of acquisition of property.

The rate of duty would be 5 percent of gross amount of consideration involved where the buyer has not filed the income tax return by due date as specified in proviso to Rule 1A of Tenth Schedule to the Income Tax Ordinance, 2001.

The rate of duty would be 7 percent of gross amount of consideration involved where the buyer is not appearing on active taxpayer list maintained under section 181A of the Income Tax Ordinance, 2001 on the date of acquisition of property.

Copyright Business Recorder, 2024

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Rasheed Rasheed Jul 26, 2024 08:35am
Hamen garib aadami hai hamy solr ki zarort he
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