ISLAMABAD: The Federal Board of Revenue (FBR) has collected record taxes in July-November.
According to a spokesperson of the Federal Board of Revenue (FBR), the body collected Rs. 1,686 billion in taxes during the five months from July to November, while the tax collection target was Rs. 1,670 billion.
The revenue board collected an additional Rs. 16 billion in taxes. The spokesman added that Rs. 348 billion was collected in November while the target for November was Rs 346 billion which shows that target was surpassed by Rs. 2 billion.
Moreover, the FBR met the long-standing demand of the Pakistan Chemicals & Dyes Merchants’ Association (PCDMA) by removing Chemicals & Dyes raw materials from Part 3 (finished goods) and Put now in Part 2 (raw materials).
Read more: FBR restores 2% income tax on chemicals, dye raw materials
In this regard, SRO 1240 has also been issued under which the previous rate of 2 percent income tax for commercial importers has been allowed. In a statement, PCDMA Chairman Mirza Nadeem Baig said that in the federal budget 2020-21, the raw material of chemicals & dyes was mistakenly shifted from Part 2 (raw material) schedule to Part 3 (finished goods) schedule Due to this, the income tax rate for commercial importers was increased from 2 percent to 5.5 percent.
Chairman PCDMA further stated that with the issuance of SRO, commercial importers will be able to pay 2 percent income tax instead of 5.5 percent and also start getting back the submitted 3.5 percent pay orders under section 81. In this regard, PCDMA members should provide the pay order details so that the association can play a role in refunding it.
