The Federal Board of Revenue has said the reduced rate of 0.5 percent turnover tax under Section 113 of the Income Tax Ordinance 2001 would only be applicable for Tax Year 2013. Sources told Business Recorder here on Saturday that the FBR has issued a clarification regarding turnover tax for the Tax Year 2012. According to the FBR, the rate of tax under Section 113 of the Income Tax Ordinance 2001 was reduced to 0.5 percent from 1 percent through Finance Act, 2012.
The said reduction is applicable for Tax Year 2013 and not for Tax Year 2012, the clarification added.