ISLAMABAD: The Federal Board of Revenue (FBR) has exempted sales tax and withholding tax on the import of 300,000 metric tons of sugar by the Trading Corporation of Pakistan (TCP). In this regard, the FBR has issued two notifications here on Thursday.

According to the SRO 750(I)/2020, the FBR has amended Second Schedule of the Income Tax Ordinance 2001. The provisions of section 148 shall, in pursuance of Cabinet Decision, not apply on import by the Trading Corporation of Pakistan of 300,000 metric tons of white sugar.

Through the SRO 750(I)/2020, the FBR has exempted whole of the sales tax on the import of 300,000 metric tons of white sugar, specification-B as per PSQCA standards by Trading Corporation of Pakistan.

Copyright Business Recorder, 2020