ISLAMABAD: The Federal Board of Revenue (FBR) Friday exempted 17 percent sales tax and three percent minimum Value Added Tax (VAT) on import and subsequent supply of 500,000 metric tons of white sugar by the Trading Corporation of Pakistan.

The FBR has also exempted three percent minimum VAT on the commercial import of white sugar till June 30, 2021.

According to the SRO 215(I)/2021 issued by the FBR here on Friday, in exercise of the powers conferred by clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990, the Federal Government, as per its decision in Case No 90/04/2021, dated the 26th January, 2021, has exempted the whole of sales tax at the rate of 17 percent and minimum VAT at the rate of three percent as specified under the Twelfth Schedule to the Sales Tax Act, 1990, on import and subsequent supply of 500,000 metric tons of white sugar by the Trading Corporation of Pakistan during the current season; and minimum VAT at the rate of three percent as specified under the Twelfth Schedule to the Sales Tax Act, 1990, in respect of commercial import of white sugar till June 30, 2021.

Copyright Business Recorder, 2021