Rs31b burden due to tax-net expansion added

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GMT - 3 Hours Rs31b burden due to tax-net expansion added

Post by εﺓз• » ιη∂αġι яσ¢χ « • on Wed Sep 14, 2011 5:00 pm

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KARACHI: The expansion in tax-net of sales would further burden the people by Rs31 billion.

FBR has stated in the Finance Bill that the tax revenue would be hit by Rs12 billion due to lifting of special excise duty on 392 items.

FBR officials giving details of the Finance Bill told media that the federal excise duty is being done away with on 15 items out of 46, sales tax rate is being reduced from 17 to 16 percent, which would hit the government income by Rs35 billion

Tax on sugar by 8 percent and tobacco per kilo tax have been raised from Rs5 to Rs10. Regulatory duty on edible oil has been reduced by 5 percent. With the lifting of special excise duty on 392 items, which was declared luxurious in the past, beverages, chocolates, cheese, toffees, items for make-up, electronics equipment, air- conditioners and deep freezers etc would get cheaper.

Sales tax exemptions given to most of the sectors have been withdrawn and sales tax imposed in the presented budget, which included defence stores, textile, canned milk, spices, CNG buses, CNG cylinder and equipment, surgical tape, ultrasound gel, diapers, ambulance, computer soft wares, bricks, cement and concrete blocks, aircraft spare parts, seaports surveillance equipments, tractor, truck, dumper, agriculture machinery, fertilizer, pesticides
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