The govt. has restricted the scope of FBR powers to have real time access to databases of agencies and withdrawn a major provision of the Finance Bill 2020 of revision of wealth statement after seeking prior approval of the Commissioner through amendments in the Finance Bill 2020. The govt. has withdrawn 25% FED on energy drinks; reduction of the FED on cement from PKR 1.75 to PKR 1.50/kg and duty on imported cigarettes of tobacco or tobacco substitutes would be 65% of retail price. For cigars, cheroots and cigarillos of tobacco and tobacco substitute the rate of duty will be 65% of retail price or PKR 10,000/kg whichever is higher. As per bill a new entry 55d is added whereby locally manufactured double cabin (4×4) pick-up vehicles except the vehicles were subject duty 7.5% ad valorem. Now Finance Act has restricted this to vehicles booked on or before the 30th Jun’20 subject to the restriction or conditions specified by the FBR.
30/6/2020