- Pakistan’s Federal Board of Revenue (FBR) has issued Circular No. 02 of 2023-24, which outlines the important amendments made by the Finance Act 2023 to the Sales Tax Act 1990, the Islamabad Capital Territory (Tax on Services) Ordinance 2001, and the Federal Excise Act 2005.
- The amendments include revamping the Alternative Dispute Resolution Mechanism, increasing the sales tax rate for Tier-I Retailers of finished fabrics and articles, imposing sales tax on di-ammonium phosphate (DAP) fertilizer, extending sales tax exemptions for industrial units in Provincially Administered Tribal Areas (PATA) and Federally Administered Tribal Areas (FATA), and extending the scope of reduced sales tax rates for the import and supply of raw materials and Active Pharmaceutical Ingredients (APIs).
- The amendments are effective from 1 July 2023.
Source Orbitax
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