ISLAMABBAD: The upcoming federal budget (2024-25) would issue new rates of duties and taxes on the import of black tea.
The Federal Board of Revenue (FBR) has submitted three proposals before the Finance Minister for approval.
The purpose of the exercise is to control evasion of duties and taxes to the tune of billions of rupees on the import of black tea.
The first proposal is to revise customs values through a new valuation ruling.
The second proposal is to rationalize customs duty, sales tax and income tax on the import of tea. The third proposal is to fix minimum sales tax value of tea for the purpose of assessment of sales tax.
