Late Night Mini-Budget Implementation Brings Sales Tax Rate Hike
On February 14, 2023, the government began enacting the mini-budget late on Tuesday night.
By increasing the sales tax from 17 to 18 percent and the federal excise duty on cigarettes by 150 percent.
In this connection, the Federal Board of Revenue (FBR) issued an SRO.178(I)/2023 on Tuesday night. The imports from midnight Tuesday would be subjected to an 18% sales tax.
FBR has announced that the regular sales tax rate will rise from 17 to 18 percent as on February 15. The agency published a notification in this regard on Wednesday.
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The Federal Government increased the rate of sales tax in respect of taxable goods falling within the scope of sub-section (1) of section 3 from seventeen percent under sub-section (1) of section 3 of the Sales Tax Act, 1990 to eighteen percent, it added, in accordance with the S.R.O. 179 (1)/2023 issued on Wednesday. This was done in the exercise of the powers granted by clause (b) of sub-section (2) of section 3 of the Sales Tax Act, 1990.
The notification states that under the first slab of cigarettes, locally made cigarettes would be subject to a federal excise charge of Rs. 16,500 per thousand cigarettes if their on-pack printed retail price exceeded Rs. 9,000 per 1,000 cigarettes.
After receiving cabinet approval, FBR is able to formally announce changes to the duty structure at the import stage.
For more updates, stay tuned to Al Sadat Marketing News.
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