Tuesday, October 4, 2022

Cement prices to witness a drop of Rs20-25: FBR spox

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ISLAMABAD: A spokesperson of the Federal Board of Revenue (FBR) on Friday detailed budget allocations related to the institute which will directly or indirectly effect the masses, ARY News reported.

FBR spokesperson, Dr Hamid Atiq said that sales tax imposed on shoe stores has been reduced by 12% while a relief has been offered in mobile manufacturing.

Read More: No new taxes imposed as PTI govt presents Rs7.13 trillion budget

Income tax for amounts up to $350 has been abolished while sales tax has also seen considerable deduction, said Atiq.

An ordinance related to Gwadar port has been made part of the national finance bill whereas power and gas generators and suppliers will work on a data sharing policy.

Duty on imported cigars has been increased from 65% to 100%.

Read More: Support package for frontline health workers fighting COVID-19 prepared

A decrease in financial institutions duty (FID) for cement will see the product price drop Rs20 to Rs25, added the spokesperson.

10 withholding taxes have also been abolished on income related taxation.

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