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.
Taking a ride or sending a package shouldn’t come with second guesses. That’s why inDrive,…
First-ever official representation from Pakistan at FC Barcelona’s base camp marks a new chapter in…
A young bride from Gujranwala has become the latest victim of a cruel and deep-rooted…
Begin, the UAE-based OTT platform, has acquired the global streaming rights for Pakistan Idol, one…
Members of the Hamdard Shura Karachi chapter and young speakers of the Hamdard Naunehal Assembly…
Pakistan Peoples Party (PPP) local leader and Chanesar Town Chairman Farhan Ghani has been arrested…
This website uses cookies.
