AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.66 Increased By ▲ 3.13 (2.42%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.57 Decreased By ▼ -0.06 (-1.3%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.75 Increased By ▲ 1.06 (2.54%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 77.06 Increased By ▲ 1.59 (2.11%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.01 Decreased By ▼ -0.54 (-0.49%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.67 Decreased By ▼ -0.12 (-0.3%)
NBP 65.50 Increased By ▲ 5.21 (8.64%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,972 Increased By 1644 (1.69%)
KSE30 30,784 Increased By 591.7 (1.96%)

The government has decided to impose a standard rate of 17 percent sales tax on poultry feed and cattle feed; incinerators for disposal of waste and its management, motorised sweepers/snow ploughs and re-importation of foreign origin goods, which were temporarily exported out of Pakistan.
According to the Finance Bill (2015-16) to be issued on the budget day, sales tax rate on telecommunication services is likely to be increased from 18.5 percent to 19.5 percent within the territorial jurisdiction of Islamabad Capital Territory. It is learnt that service providers registered within the jurisdiction of Islamabad Capital Territory are liable to charge sales tax @ 18.5 percent the government intends to increase applicable rate on telecommunication services to 19.5 percent. Therefore, the government wants to increase sales tax by 1 percent on telecommunication services within the ICT area in the new Finance Bill.
The Federal Board of Revenue (FBR) has decided to withdraw sales tax exemption on poultry feed and Cattle feed including their all ingredients except soyabean meal of PCT heading 2304.0000 and oil-cake of cottonseed under PCT heading 2306.1000. The relevant heading Nos. of the PCH Headings of First Schedule to the Customs Act, 1969 (IV of 1969) are: 2301.2090, 2305.0000, 2306.2000, 2306.3000, 2306.4100, 2306.5000, 2309.9010, 2309.9020, 2309.9090, 2936.2100, 2936.2200, 2936.2300, 2936.2400, 2936.2500, 2936.2600, 2936.2700 and 2936.2800.
Sales tax exemption would be withdrawn on incinerators for disposal and waste management, motorized sweepers and snow ploughs. The relevant PCT Heading Nos. of the First Schedule to the Customs Act, 1969 (IV of 1969) are: 8417.8000, 8430.2000 and 8479.8990. Sales tax exemption would also be withdrawn on re-importation of foreign origin goods which were temporarily exported out of Pakistan subject to similar conditions as are envisaged for the purposes of applying zero-rate of customs duty under the Customs Act, 1969. The relevant PCT Heading Nos. of the First Schedule to the Customs Act, 1969 (IV of 1969) are: 99.18.

Copyright Business Recorder, 2015

Comments

Comments are closed.