KARACHI: The Federal Board of Revenue (FBR) has decided to decrease tax slabs from five to four, it is learnt here.
Sources informed Customs Today that the FBR has directed the customs authorities and the field formation Collectorates to implement the decreased tax slabs from July 2016.
Previously, the customs authorities were working on five tax slabs which were started from 5 percent to 20 percent and now from onward, the customs authorities have decided to work on four tax slabs in connection with charging duty/taxes on imported consignments.
The sources said that the customs authorities from the month of July-2016 would start to implement the four duty/taxes slabs which would start from 7 percent, 11 percent, 11 percent and 20 percent.
The sources further said that the FBR authorities have also decided to remain “zero-rated” tax regime on import of children milk adding that the tax relaxation is going to provide to the importers for boosting the import.
The sources further said that the federal government with the consultation of FBR authorities has decided to increase the duty/taxes on import of ‘chaliya/pan’ from 3 percent to 6 percent.
The sources further informed this scribe that the federal government after the marathon discussion with the authorities concerned of FBR has decided to broaden the tax net.
