New Year gift: Rs 155 billion new Taxes on cards from January 1

New Year gift: Rs 155 billion new Taxes on cards from January 1
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ISLAMABAD - Federal Board of Revenue (FBR) prepares a summary for the imposition of additional Rs155 billion taxes from January 2019.

The FBR in its supplementary bill draft has recommended an increase in the tax duty on imported luxury cars, and uniformity on General Sales Tax on all items.

The department has also recommended an increase in sales tax from 5 percent to 22 percent.

It has further suggested a decrease in the customs duty on the raw materials to be used in the export-oriented industries.

In its latest measure to tighten noose around tax evaders, the FBR has established a special departmental to probe as many as 20 biggest tax evaders.

The department will begin probe for tax recovery from January 1, 2019. The FBR has been directed to ensure tax recovery within a month.

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