PTI government mulls taking unprecedented economic decision

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PTI government mulls taking unprecedented economic decision

ISLAMABAD: PTI government mulls taking unprecedented economic decision, media report has revealed. Federal government is mulling to reduce sales tax from 17pc to 12pc.

The tax department would soon issue a notification pertaining to reduction of sales tax on yarn from 10 to 5pc.

Federal Board of Revenue (FBR) official on Tuesday informed the Senate’s Standing Committee on Commerce and Industry.

Responding to the Chain Store Association’s claim that big retailers are closing their businesses due to an increase in sales tax and government raids, the FBR policy member said, “Just as smuggling is a crime, the sale of smuggled items is also a crime. This is why the tax department is checking the goods at big shops.”

Meanwhile, discussing a separate agenda, Senators belonging to different political parties reportedly pressurised the customs’ officials to release what they believe as “scrap” containers held by Balochistan Customs.