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FBR slashes sales tax on textiles and leather
12
Jul '11
Pakistan's Federal Board of Revenue (FBR) has agreed to slash sales tax on domestic sales of five zero-rated industries.

FBR Chairman Salman Siddique has given green signal to reduce sales tax on domestic sales of five zero-rated industries – textiles, leather, carpets, surgical instruments and sports goods to a uniform rate of five percent.

In addition, the Government may also do away with sales tax on import of machinery, Mr Siddique said.

He rejected reports citing failure of talks between FBR and software supplier Agility, regarding purchase of software and clearing its dues. He clarified that Pakistan Automated Computerised Clearance System would be set up as per plan, for prompt cargo clearance.

Besides, the FBR Chief gave his consent to acceptance of Federation of Pakistan Chambers of Commerce and Industry's (FPCCI's) valuation certificate and stated that all issues pertaining to liability of the buyers with regards to any wrong or unlawful doing of the supplier will be sorted out.

He further said that issues relating to tax levied at import and supply stages would also be reviewed.

Fibre2fashion News Desk - India

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