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 senior Russian military official, Major General Yaroslav Moskalik, was killed on Friday in a…
The Center for Digital Assets Research (CeDAR) at LUMS was officially launched on April 24,…
International Packaging Films Limited (IPAK) Group has recorded 66% increase in its revenues for the…
The Aga Khan University (AKU) marked World Malaria Day with the launch of the Thatta…
Researchers at Stanford University have unveiled a breakthrough in solar technology: a new type of…
The National Disaster Management Authority (NDMA) has warned of unstable weather conditions across several parts…
This website uses cookies.