FBR to hike sales tax on export industries
ISLAMABAD: Federal Board of Revenue (FBR) has suggested the federal government to increase the sales tax rate on five major export industries of the country in the budget of the upcoming fiscal year, ARY News reports.
According to sources, FBR has suggested to increase the sales tax rate in sectors including textile, leather, surgical goods, sports goods and carpet industry.
The sales tax rate on raw material of export oriented industries and finished goods is likely to be increased to 17 percent from present five percent, sources said.
Sources have further said that the proposals are likely to be included in the upcoming budget after the approval from Finance Ministry.