Saturday, August 13, 2022

FBR defers retail tax on sugar till November 30

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ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of the sales tax on the retail price of sugar till November 30, 2021.

As to the notification issued by the FBR, the implementation of the sales tax, which was introduced through the Finance Act, 2021, has been deferred for five months.

The refined sugar was added to the Third Schedule of the Sales Tax Act, 1990, under which the sales tax on the supply of sugar would be applicable on a retail basis.

The FBR said the sales tax on sugar would be now applied on ex-mill prices and refuted any change in the sales tax percentage.

The FBR notification said the amendment would not be applicable for the period, commencing July 1 and ending on November 30, 2021.

Read more: ECC APPROVES INCREASING PRICES OF FLOUR, GHEE, SUGAR

Earlier, the federal government had decided to reverse the sales tax on sugar to ex-mill rate till November 30 for making a reasonable reduction to its prices.

The decision was taken during a meeting chaired by Prime Minister Imran Khan to review prices of essential commodities, PM office media wing said in a press release.

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