FBR recommends phasing out Rs350 billion in tax exemptions proposed

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FBR recommends phasing out Rs350 billion in tax exemptions proposed

ISLAMABAD: The Federal Board of Revenue (FBR) has sent a draft of an updated finance bill to the law ministry for proposing a mini-budget.

According to reports, the finance bill will be presented to the cabinet after the approval of the law ministry.

According to reports, the new budget bill proposes to abolish the tax exemption of Rs 350 billion and the government has also amended the tax laws (fourth) amendment bill.

In addition, changes to Schedule Five, Sixth, Seventh, Eighth and Ninth are proposed to eliminate tax exemptions.

According to reports, the target of petroleum development levy will be reduced from Rs 600 billion to Rs 356 billion and tax exemption on mobile phones, stationery and packaged food products will be abolished.

He said that apart from exports, the sales tax exemption would be removed from the zero rating and if the sales tax exemption was higher, the sales tax rate of 17% would be applicable on the products.

Tax exemptions are also likely to be eliminated for some industries.

According to reports, the Revenue Board has given the Prime Minister the power to increase or decrease the petroleum development fee and also proposed to increase the tax collection target from Rs 5829 billion to Rs 6100 billion.

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