The Federal Board of Revenue (FBR) has allowed import of a total quantity of 300,000 tons of potato at the rate of zero percent sales tax without payment of withholding tax up to November 15, 2014. The FBR here on Friday issued three notifications to allow exemption of duties and taxes on the import of potato till November 15.
Through SRO.718(I)/2014, the Board has allowed import of a total of 300,000 tons of potatoes at the rate of zero percent of sales tax, excluding the quantity of potato from the said total already imported under S. No.12 of Notification No. SRO 549(I)/2008, dated the 11th June, 2008, rescinded by notification No. SRO 573(I)/2014 dated the 26th June, 2014. This notification shall cease to have effect after 15th day of November, 2014. According to another notification, the provisions of section 148 of the Income Tax Ordinance 2001 shall not apply in respect of import of potato between May 5, 2014 and November 15, 2014, provided that such import shall not exceed 300,000 tons in aggregate during the said period.
Earlier, the Board had abolished sales tax, customs duty and withholding tax on the import of potatoes and imposed 25 percent regulatory duty on its export during May 5-July 31, 2014. Following is the text of the notifications issued here on Friday: SRO 718(I)/2014: In exercise of the powers conferred by clause (c) of section 4 of the Sales Tax Act, 1990, the Federal Government is pleased to allow import of a total of 300,000 metric tons of potato at the rate of zero percent of sales tax, excluding the quantity of potatoes from the said total already imported under S. No.12 of Notification No. SRO 549(I)/2008, dated the 11th June, 2008, rescinded by notification No. SRO 573(I)/2014 dated the 26th June, 2014.
This notification shall cease to have effect after 15th day of November, 2014.
SRO 716(I)/2014: In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendments shall be made in the Second Schedule to the said Ordinance, namely: In the aforesaid Schedule, in Part IV, after clause (56G), the following new clause shall be added, namely:-
"(56H) Provisions of section 148 shall not apply in respect of import of potatoes between 5th of May, 2014 and 15th November, 2014, provided that such import shall not exceed 300,000 metric tons in aggregate during the said period". SRO 712(I)/2014: In exercise of the powers conferred by sub-section (3) of section 18 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No. SRO 808(1)/2009, dated the 19th September, 2009, namely:In the aforesaid Notification, in the proviso to the preamble;
(a) for the figure "200,000" the figure "300,000" shall be substituted; and;
(b) for the expression "31st day of July" the expression "15th day of November" shall be substituted.
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