ISLAMABAD: The Federal Board of Revenue (FBR) has abolished advance income tax on import of pulses till June 30, 2020.
The FBR also abolished additional custom duty on the import of edible oil and oil seeds till end of the ongoing fiscal year.
In this regard, the FBR has issued notification here on Tuesday. According to the notification, the provision of Section 148 of the Income Tax Ordinance shall not apply to persons importing pulses for a period commencing from the date of issuance of this notification till 30th June, 2020. The rate of tax under clause (a) of sub-section (1) of Section 153 in case of a person, other than a company, as a recipient of payment for goods supplied to Utility Stores Corporation of Pakistan shall be 1.5% of the gross amount of payment in respect of supply of tea, spices, salt, dry milk, sugar, pulses, wheat flour and ghee for the period commencing from the date of issuance of this notification till June 30, 2020: Provided that this clause shall not be applicable to supply of tea, spices, salt and dry milk which are sold under a brand name: Provided further that this clause shall not be applicable where rate of tax under clause (a) of sub-section (1) of Section 153 is less than 1.5% of the gross amount of payment under any provisions of the Ordinance.