ISLAMABAD: Federal Board of Revenue (FBR) on Thursday strongly denied some media reports about levy of new taxes amounting to Rs12 billion which will led to decrease in revenue amounting to Rs6.8 billion.
In a press release, FBR stated that certain section of print media carried reports that taxes amounting to Rs12 billion are imposed in third finance bill supplementary (second amendment) 2019 presented in the National Assembly on Wednesday.
Strongly denying such reports FBR clarified that no new tax was imposed in the third finance supplementary (second amendment), while to keep the momentum straight for stabilization of Pakistani rupee, government decided to increase excise duty on imports of 1800CC high engine power vehicles and those 1800CC vehicles which are already manufacturing in Pakistan.
Through this measure, government will get a revenue of Rs2 billion to Rs3 billion, while on the other hand in the same bill government provides relief of Rs10 billion.
The press release stated that through these measures FBR will face shortfall of Rs6.8 billion which will facilitate business community.
