ISLAMABAD: Federal Board of Revenue (FBR) proposed to increase regulatory duty from 10pc to 20pc on import of used vehicles under personal baggage or transfer of residence scheme, it is learnt here.
Official sources told Customs Today that FBR is reviewing the transfer of residence, personal baggage and gift schemes and proposed to increase regulatory duty on the import of used vehicles to 20pc while also proposed that payment should be done by the sender in dollar under transfer of residence, personal baggage and gift schemes, sources confirmed.
Sources told that FBR is finalizing the final draft for taxes for the mini budget scheduled to be presented on January, 23. Where 0.3pc withholding tax imposed on banking transactions for the filers are proposed to be removed while taxable amount for the salaried persons is being proposed to be fixed as Rs 0.8 million per/year, sources added.
It is important to mention here that a high-level meeting is held here in FBR headquarters to review the suggestions and recommendations for mini-budget and several proposals are reviewed which are being finalized and will be moved forward to Finance Ministry for final approval.
