{"id":61026,"date":"2020-02-06T07:15:52","date_gmt":"2020-02-06T07:15:52","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61026"},"modified":"2020-02-06T07:17:04","modified_gmt":"2020-02-06T07:17:04","slug":"fbr-mulls-legal-technical-changes-in-sales-tax-regime","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-mulls-legal-technical-changes-in-sales-tax-regime.html","title":{"rendered":"FBR mulls legal, technical changes in sales tax regime"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) is mulling various suggestions for introducing legal and technical improvements in its <a href=\"https:\/\/www.zameen.com\/news\/fbr-notifies-importers-regarding-new-retail-clearance-regime.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"sales tax  (opens in a new tab)\">sales tax <\/a>regime in order to boost the revenue stream for the remaining period of Tax Year 2019-20, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fixed-tax-regime-announcement-expected-today.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Fixed tax regime announcement expected today (opens in a new tab)\">Fixed tax regime announcement expected today<\/a><\/p>\n\n\n\n<p>One\nof the changes proposed is to extend the scope of the Third Schedule (retail\nprice items) of the Sales Tax Act 1990 to facilitate revenue generation. On the\nretail price basis, the third schedule items are subjected to sales tax. This\nstep will bring revenue through tax collection at retail price stage.<\/p>\n\n\n\n<p>Presently, over 30 items fall under the chargeable retail price taxation category. To this effect, FBR had expanded the scope of retail price on imported items in the budget of the fiscal year (FY) 2019-20. <\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-forms-committees-address-sales-tax-registration-concerns.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR forms committees to address sales tax registration concerns (opens in a new tab)\">FBR forms committees to address sales tax registration concerns<\/a><\/p>\n\n\n\n<p>These\nimported goods are liable to declare retail price or pay 30% value addition as the\nretail price to get their goods cleared. <\/p>\n\n\n\n<p>There\nhas been another proposal to increase sales tax from 17% to 18%, which will\nhave serious inflation and revenue impact. However, it has not been yet\nconfirmed that this proposal will make it to the mini-budget.<\/p>\n\n\n\n<p>Moreover,\nthe government is planning to reduce regulatory duties and additional custom\nduty charges from certain items at the import stage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) is mulling various suggestions for introducing legal and technical improvements in its sales tax regime in order to boost the revenue stream for the remaining period of Tax Year 2019-20, according to news sources. Read: Fixed tax regime announcement expected today One of the changes proposed is to extend the scope of the Third Schedule (retail price items) of the Sales Tax Act 1990 to facilitate revenue generation. On the retail price basis, the third schedule items are subjected to sales tax. This step will bring revenue through tax collection at retail price stage. Presently, over 30 items fall under the chargeable retail price taxation category. To this effect, FBR had expanded the scope of retail price on imported items in the budget of the fiscal year (FY) 2019-20. Read: FBR forms committees to address sales tax registration concerns These imported goods are liable to declare retail price or pay 30% value addition as the retail price to get their goods cleared. There has been another proposal to increase sales tax from 17% to 18%, which will have serious inflation and revenue impact. However, it has not been yet confirmed that this proposal&hellip;<\/p>\n","protected":false},"author":75,"featured_media":59990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[18035,18020,18032,18033,18034,18031,18027],"persona":[],"class_list":{"0":"post-61026","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-custom-duty","9":"tag-details-on-fbr-mulls-legal","10":"tag-fbr-sales-tax","11":"tag-retail-goods","12":"tag-sales-tax-on-imports","13":"tag-sales-tax-regime","14":"tag-technical-changes-in-sales-tax-regime","15":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR mulls legal, technical changes in sales tax regime - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR is mulling suggestions for legal &amp; 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