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June 5, 2016

Poultry rates likely to go up

ISLAMABAD: The prices of poultry products are most likely to register increase after the government through the budget for 2016-17, proposed enhancing sales tax from 5 percent to 10 percent on certain ingredients used for poultry.

Finance Minister Ishaq Dar said in the budget speech that though concessionary rates of customs duty and sales tax on major poultry feed ingredients like soybean meal and vitamin premixes shall remain intact, rate of sales tax had been increased on certain ingredients of poultry feed. 

Experts said that the proposed measure would push the prices of poultry products up, in case, the sales tax was to be increased.

Similarly, another item, which is believed to affect the food basket, is the proposed withdrawal of zero-rating on stationery and inputs and imposition of general sales tax.