FBR suspends sales tax on retail price of sugar till November 30

ISLAMABAD: The Federal Board of Revenue (FBR) has suspended the sales tax on the retail price of sugar till November 30, 2021.

In this regard, officials said that sugar manufacturers will pay sales  tax on ex-mill prices rather than retail prices till November 30 while there is no change in rates or liability while just the point of collection has been changed.

It is pertinent to note that the government in the federal budget (FY22) made amendments in the sales tax act and applied sales tax where sugar is supplied as an industrial raw material to pharmaceutical, beverage and confectionery industries.

Recently, the government has notified the retail price of sugar due to the increasing prices of sugar in the domestic market whereas the Pakistan Sugar Mills Association (PSMA) had rejected this.

 

 

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