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May 17, 2018

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Govt withdraws Rs10 health levy on tobacco

ISLAMABAD: The government withdrew health levy of Rs10 on a kilogram of tobacco in line with the senate’s demand and it is all set to present the amended finance bill 2018 before the national assembly for approval on Thursday (today).

Officials said on Wednesday finance bill also proposed a 10 percent sales tax on rock phosphate imported by fertiliser manufacturers. The bill sought empowerment for the authorities to make procedures to govern deposits in and withdrawals from foreign currency bank accounts. The finance bill further proposed to charge sales tax of Rs40 per kilogram on import of potassium chlorate in addition to standard 17 percent in a bid to increase tax revenues. But, the additional sales tax rate would not apply on imports made by and supplies made to organisations under the control of ministry of defence production. Banks continue to pay super tax for the tax year 2019 on estimate basis by June 30, according to the bill.

The amendment also proposed a 50 percent reduction in tax payable on profits and gains derived by an individual from low-cost housing projects.

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