The Federal Board of Revenue (FBR) will levy a 0.25% tax cut rate on white sugar trading from January 26, 2021, to June 30, 2021, as FBR announced on Tuesday.
The Federal Board of Revenue will also impose a reduced tax rate of 0.25 per cent on imports of raw sugar. Which will be started from 26 January 2021 to 30 June 2021, provided that imports do not exceed 50,000 tonnes per sugar mill and 300,000 tonnes generally from sugar. industry.
FBR amended the second list of the 2001 Income Tax Ordinance through SRO.235 (I) / 2021, which was published on Tuesday.
The provisions of Sections 148 (Withholding Tax on Imports) and 153 (Payments of Tax on Goods, Services and Contracts at the Local Level) do not apply to the import and onward shipment of five hundred thousand tonnes of white sugar imported by the Pakistan Trading Company.
The FBR has exempted a 17 percent sales tax and a three percent sales tax on imports and onward shipments of 500,000 tonnes of white sugar from a Pakistani trading company.