AGL 40.12 Decreased By ▼ -0.04 (-0.1%)
AIRLINK 131.00 Decreased By ▼ -0.73 (-0.55%)
BOP 6.71 Increased By ▲ 0.02 (0.3%)
CNERGY 4.56 Increased By ▲ 0.09 (2.01%)
DCL 8.97 Increased By ▲ 0.15 (1.7%)
DFML 41.15 Increased By ▲ 0.54 (1.33%)
DGKC 84.90 Increased By ▲ 0.82 (0.98%)
FCCL 32.76 Increased By ▲ 0.42 (1.3%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.57 Increased By ▲ 0.22 (1.94%)
HUBC 110.50 Decreased By ▼ -1.26 (-1.13%)
HUMNL 14.31 No Change ▼ 0.00 (0%)
KEL 5.25 Increased By ▲ 0.03 (0.57%)
KOSM 8.80 Decreased By ▼ -0.18 (-2%)
MLCF 39.35 Decreased By ▼ -0.08 (-0.2%)
NBP 60.89 Increased By ▲ 0.60 (1%)
OGDC 196.25 Increased By ▲ 1.31 (0.67%)
PAEL 27.00 Increased By ▲ 0.31 (1.16%)
PIBTL 7.56 Increased By ▲ 0.08 (1.07%)
PPL 156.55 Increased By ▲ 0.78 (0.5%)
PRL 27.05 Increased By ▲ 0.37 (1.39%)
PTC 18.11 Decreased By ▼ -0.19 (-1.04%)
SEARL 82.40 Decreased By ▼ -0.62 (-0.75%)
TELE 8.39 Increased By ▲ 0.16 (1.94%)
TOMCL 34.70 Increased By ▲ 0.15 (0.43%)
TPLP 9.17 Increased By ▲ 0.36 (4.09%)
TREET 17.36 Increased By ▲ 0.66 (3.95%)
TRG 62.20 Decreased By ▼ -0.25 (-0.4%)
UNITY 27.67 Increased By ▲ 0.23 (0.84%)
WTL 1.36 Increased By ▲ 0.08 (6.25%)
BR100 10,406 Increased By 219.4 (2.15%)
BR30 31,576 Increased By 239.7 (0.77%)
KSE100 97,195 Increased By 1648.9 (1.73%)
KSE30 30,162 Increased By 584.1 (1.97%)

ISLAMABAD: The Federal Board of Revenue (FBR) has finalised revised sales tax schedules, ie, Sixth Schedule (Exemption list) and Fifth Schedule (zero-rated goods) of the Sales Tax Act, 1990, for the upcoming budget (2024-25).

It is learnt that the number of exempted goods mentioned in the Sixth Schedule (Exemption Schedule) and Fifth Schedule (zero-rated items) has been proposed to be reduced under Finance Bill 2024.

These items would be subjected to a standard rate of 18 percent sales tax in the budget (2024-25).

Lack of coordination between depts: FBR’s efforts aimed at broadening tax base hit a snag

The exemption available to diplomats and health/medical items and foreign investment including Chinese projects would remain exempt under government’s agreements.

The budget makers have reviewed the entire list of zero-rated items and sales tax-exempted items for the purpose of charging sales tax on them.

Sales tax exemption has also been proposed to be withdrawn from the local supply of many items.

Sources stated budget makers have proposed 18 percent sales tax on many items presently charged at the rate of zero percent under the Sales Tax Act 1990.

Sources added that a large number of items have been excluded from the Sixth Schedule (Exemption Schedule) and Fifth Schedule (Zero-Rated Schedule) under the proposed Finance Bill 2024.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Usman Asghar Jun 06, 2024 04:47pm
What would be minimum salary proposed in budget
thumb_up Recommended (0)