FBR cuts super tax rate to 8%, big relief for exporters

ISLAMABAD – The Federal Board of Revenue (FBR) has introduced major amendments in the Income Tax Laws, providing relief to exporters.

According to the FBR, under the new rules, exporters with income of more than Rs 500 million will be exempted from super tax if their export income is more than 80% of their total turnover.

Meanwhile, the super tax rate on income above Rs 500 million has been reduced from 10 per cent to 8 per cent.

Officials said the amendments also allow re-audit of accounts in certain cases, subject to prior approval of the chief commissioner.

The new rules also allow revaluation of inventory and revaluation of actuarial values ​​if required. Taxpayers will also have the right to object to the appointment of a particular auditor.

Additionally, the FBR has increased the surcharge on individuals who are not included in the Active Taxpayer List (ATL).

However, taxpayers can get exemption from surcharge by providing a written guarantee to purchase the property within six months.

The post Big relief for exporters, FBR reduced super tax rate to 8% appeared first on Daily Pakistan English News.

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