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.
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.
A banana duct-taped to a wall—a divisive piece of conceptual art by Italian artist Maurizio…
Chief of Army Staff (COAS) General Syed Asim Munir visited the International Defence Exhibition and…
Pakistan Tehreek-e-Insaf (PTI) chapters worldwide have announced protests across multiple countries on November 24, following…
The Pakistan Peoples Party (PPP) has formally demanded the chairmanship of the Public Accounts Committee…
The Council of Islamic Ideology (CII) has clarified that the use of Virtual Private Networks…
The federal government has unveiled a plan to distribute 40,000 electric bikes (e-bikes) to the…
This website uses cookies.
