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Govt abolishes special tax regime for multiple sectors

Govt abolishes special tax regime for multiple sectors

ISLAMABAD: The federal government through Finance Act 2019 has abolished special sales tax treatment, special procedures, fixed sales tax regime and extra tax payment system applicable on different sectors/industries.

According to media, special tax treatment to Special Economic Zones (SEZs), including tax holiday for 10 years to all units which will commence commercial production by June 30, 2020 in SEZs will remain valid.

According to the report, the special regime of Extra Sales Tax was abolished in 2019-20 budget. Eleven items were subject to payment of extra sales tax and out of these eleven items, finished articles of foam, mattress, paints, electric and gas appliances, lubricating oils and storage batteries are now subject to payment of sales tax on the basis of printed retail price. The special taxation regime of steel sector was also abolished effective in the current fiscal year.