Advance income tax on plastic raw material reduced for commercial, industrial importers

fbr

ISLAMABAD: The government has reduced advance income tax on import of raw plastic to 4.5 percent for commercial importers and 1.75 percent for industrial units to be implemented from July 01, 2017.
Finance Minister Senator Mohammad Ishaq Dar during his winding up budget speech 2017/2018, said that on the recommendations of Senate the advance income tax on import of raw plastic material had been reduced from six percent to 4.5 percent for commercial importers. This rate has been reduced to 1.75 percent from 6 percent on imports by industrial units, he added.
The finance minister the decision to reduce the tax rate was taken to plug revenue leakage.

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