{"id":61056,"date":"2020-02-06T17:08:38","date_gmt":"2020-02-06T12:08:38","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61056"},"modified":"2020-02-06T17:08:39","modified_gmt":"2020-02-06T12:08:39","slug":"sales-tax-collection-on-imports-rises-by-21","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sales-tax-collection-on-imports-rises-by-21.html","title":{"rendered":"Sales tax collection on imports rises by 21%"},"content":{"rendered":"\n<p>Karachi: The collection of sales tax on imports rose to PKR 70 billion during the first seven months (July-January) of the current fiscal year, according to a news report. To this effect, the government was seen to maintain a growth rate of 21%.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/balochistan-tax-revenue-increases-164-govt-determined-meet-target.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Balochistan tax revenue increases by 164%, govt determined to meet target (opens in a new tab)\">Balochistan tax revenue increases by 164%, govt determined to meet target<\/a><\/p>\n\n\n\n<p>Further, the trade deficit has narrowed by 30% during the\nfirst half of the current fiscal year \u2013 owing to a significant decline reported\nin import bill for the said period. It stood at USD 11.69 billion during\nJuly-December in the current fiscal, compared with the deficit of USD 16.77\nbillion for the same period last year.<\/p>\n\n\n\n<p>The import bill declined by 17% during the first half of the fiscal year to USD 23.23 billion, as compared with USD 27.95 billion in the corresponding half of the last year.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/kp-records-42-growth-annual-tax-revenue.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"KP records 42% growth in annual tax revenue (opens in a new tab)\">KP records 42% growth in annual tax revenue<\/a><\/p>\n\n\n\n<p>The country\u2019s tax authorities attributed the increase in\nsales tax collection to the abolishment of the zero-rating regime for all local\nand import supplies \u2013 announced in the federal budget 2019-20.<\/p>\n\n\n\n<p>The government had replaced its zero-rating regime with normal\nsales tax rate of 17%. However, the exporters had been allowed to claim refunds\nagainst payment of 17% tax on import of their raw material and other capital\ngoods.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The collection of sales tax on imports rose to PKR 70 billion during the first seven months (July-January) of the current fiscal year, according to a news report. To this effect, the government was seen to maintain a growth rate of 21%. Read: Balochistan tax revenue increases by 164%, govt determined to meet target Further, the trade deficit has narrowed by 30% during the first half of the current fiscal year \u2013 owing to a significant decline reported in import bill for the said period. It stood at USD 11.69 billion during July-December in the current fiscal, compared with the deficit of USD 16.77 billion for the same period last year. The import bill declined by 17% during the first half of the fiscal year to USD 23.23 billion, as compared with USD 27.95 billion in the corresponding half of the last year. Read: KP records 42% growth in annual tax revenue The country\u2019s tax authorities attributed the increase in sales tax collection to the abolishment of the zero-rating regime for all local and import supplies \u2013 announced in the federal budget 2019-20. The government had replaced its zero-rating regime with normal sales tax rate of 17%. However, the&hellip;<\/p>\n","protected":false},"author":57,"featured_media":60548,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[18135],"persona":[],"class_list":{"0":"post-61056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-sales-tax-collection-on-imports-rises-by-21","9":"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>Sales tax collection on imports rises by 21% - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The collection of sales tax on imports rose to PKR 70 billion during the first seven months (July-January) of the current fiscal year, according\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sales-tax-collection-on-imports-rises-by-21.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sales tax collection on imports rises by 21% - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The collection of sales tax on imports rose to PKR 70 billion during the first seven months (July-January) of the current fiscal year, according\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sales-tax-collection-on-imports-rises-by-21.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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