Islamabad: Federal Board of Revenue (FBR) has come up with concessionary Statutory Regulator Orders (SROs) on the import of pulses and edible oil. Which means a reduction in duty and taxes will be applied immediately.
SRO 288(I)/2020 applied on the import of pulses and edible oil will ensure a reduction in customs duty and import tax on these two items. It also implies that no additional customs duty shall be levied on these items till 30th June 2020.
A notification was issued allowing an exemption from 2.0% additional Customs duty on the import of oilseeds and edible oil. Through SRO 287(I)/2020 the government notified exemption from withholding income tax on import of pulses till June 30, 2020.
As per the SRO 287(I)/2020, the rate of tax under Section 153 shall be at 1.5% in the case of a person, not in case of a company, as a recipient of payment for these items supplied to Utility Stores Corporation of Pakistan.
The tax rate shall also be applied to the gross amount of payment in respect of the supply of salt, tea, dry milk, spices sugar, pulses, ghee and wheat flour for the period starting from the date of issuance of the notification till June 30, 2020.
This indeed is a good decision by the government considering the current situation. The covid19 has affected the economical aspects of every business throughout the world. This relief on edible items will
