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.
Pakistan has been invited to join the Gaza “Board of Peace” being formed by United…
At least 33 people have been reported missing following the devastating fire that engulfed Gul…
The Sindh government has established a public helpline following the deadly fire at Gul Plaza…
A massive fire that broke out late Saturday night at Gul Plaza, a busy multi-storey…
US President Donald J. Trump has announced plans to impose tariffs on several European countries,…
Pakistan and the United States on Saturday agreed to enhance cooperation in bilateral security, counterterrorism…
This website uses cookies.
