ISLAMABAD: The Federal Board of Revenue (FBR) has revised the negative list, excluding several items from it.
This step will help tax adjustments on industrial inputs and raw materials used by manufacturers of five major export-oriented sectors. According to the Sales Tax General Order (STGO), the FBR excluded 714 items on which input tax adjustment was not allowed to five leading export-oriented industries, i.e. textile, leather, carpets, surgical and sports. The specified Pakistan Customs Tariff (PCT) headings may be excluded from the purview of STGO 9 of 2023 and the input tax adjustment on the purchase of these raw materials including tubes, pipes, glass fibers, etc may be allowed to the exporters of sectors including leather and sports and tents and canvas being integral part of their manufacturing process.
The board is empowered to add or delete or modify the conditions/benchmarks mentioned therein as and when deemed necessary after recommendations of the field formations holding jurisdiction over the export-oriented sectors, the FBR said.
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