Sales tax on mobile phones up to the value of 30 US dollars has been reduced from Rs 130 to Rs 100, says FBR.
Mobile phone imports into the country increased by 63.62 percent during the first five months of the current fiscal year.
In order to promote digital economy, the Federal Board of Revenue (FBR) has reduced sales tax on mobile phones.
“Ninth Schedule to the Sales Tax Act 1990 has been amended and sales tax on the mobile phones upto the value of 30 US dollars has been reduced from Rs130 to Rs100 and phones having value upto 100 US Dollars from Rs1320 to Rs200," said FBR, while sharing Tax Laws (Second Amendment) Ordinance, 2019.
The mobile phone imports into the country increased by 63.62 percent during the first five months of the current fiscal year compared to the corresponding period of last year.
The recent development may boost further demand for mobile phones in the country, after Pakistan imported mobile phones worth $498.466 million during July-November (2019-20) against the imports of $304.651 million in July-November (2018-19), showing growth of 63.63 percent, according to the data of Pakistan Bureau of Statistics (PBS).
FBR further said that in view of the higher tariff rates of electricity the conditions to qualify for a Tier 1 retailer have been amended so as to increase the threshold of electricity consumption from Rs600,000 to Rs1200,000.
Talking about persons who are required to integrate with the FBR or have been integrated, either do not get themselves integrated or do not make proper compliance or tamper with the systems so installed so as to avoid correct reporting and recording of production and sales, will have to face penalties/fines.
Source: This news has been taken from https://www.brecorder.com/
