Sunday, June 29, 2025
-Advertisement-

Govt Plans to Increase Tractor Sales Tax to 14%

- Advertisement -

The federal government is considering raising the sales tax on tractors from 10% to 14%. This follows the removal of a previous exemption and the introduction of a 10% sales tax on tractors in the 2024-25 budget.

Sources from the Federal Board of Revenue (FBR) indicated that the tax authority has finalized a proposal for this increase. The proposal is now awaiting Cabinet approval.

- Advertisement -

The increase is aimed at addressing issues with input tax credits and refunds, as the current 10% rate is not fully consumed. The standard sales tax rate stands at 18%, and the lower rate has led to refund claims within the tractor industry.

The 10% sales tax on tractors was implemented through the Finance Act 2024, effective from July 1, 2024, replacing the previous sales tax exemption.

- Advertisement -

Stay updated with the latest and breaking news directly on your mobile phone by joining Headline PK's WhatsApp group!

 

 

Latest stories

-Advertisement-

Highlights of the Week
Related

Govt to Phase Out Manual Meter Reading with Nationwide Digital Billing Rollout

Pakistan is set to replace manual electricity meter readings...

Advergic Could Be the Most Important AdTech Update for Pakistan in a Decade

Advergic is the only ad tech company in Pakistan...

Pakistan Condemns US Strikes on Iran, Calls for UN-Led Ceasefire and Diplomatic Resolution

Pakistan has issued a forceful condemnation of recent US...
-Advertisement-
Join our Whatsapp Group for Exclusive News!
Join our Whatsapp Group for Exclusive News!