KARACHI: The Inland Revenue Wing of the Federal Board of Revenue (FBR) has granted sales tax zero-rating on supply of gas and electricity to several industrial units, a statement said on Saturday.
Sales tax zero-rating is allowed to the registered manufactures and exporters of five leading sectors, including textiles, leather, carpets, surgical and sports goods with a view to facilitate exports, it said.
However, there is a strict criterion for the grant of these exemptions in view of the massive misuse of the concessions by several dummy industrial units.
The board has advised the gas and electricity companies to stop charging sales tax on the use of gas and electricity of SAS Tex Export Pvt Ltd, Noor Processing, Spun Yarn Research and Development Company and Chiniot Fabrics.
US President Donald Trump signs an executive order on tariffs, in the Rose Garden at the White House in Washington,...
This representational image shows a person holding gold necklaces. — AFP/FileKARACHI: Gold prices fell by Rs5,500...
Britain's Chancellor of the Exchequer Rachel Reeves delivers her Spring Statement of the budget at the House of...
Power transmission towers are seen in Karachi on January 24, 2023. — Reuters LAHORE: A highly misunderstood issue...
An exterior shot of cinemas in Times Square in New York, October 18, 2006. —ReutersLAS VEGAS: Movie theatre owners...
A residential area in a housing society can be seen in this picture. — AFP/FileKARACHI: Pakistan is poised to emerge...
