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FBR imposes 5pc advance tax on non-filers of minerals

FBR imposes 5pc advance tax on non-filers of minerals

ISLAMABAD: Federal Board of Revenue (FBR) has imposed 5% of advance tax on the non-filers of 48 types of minerals including barite, basalt, coal, clay and granite; however, filers are exempted from the above-mentioned advance tax.

According to the details, the value of minerals was also specified through amending Sub-Section (4) of Section 236V of the Income Tax Ordinance, 2001.

The value of asbestos was evaluated as Rs7500 per MT, Rs 18000 for antimony, Rs10000 for barite, Rs14000 for basalt, Rs. 8000 for coal, Rs2500 for clay, Rs20000 for granite, Rs3000 for conglomerate, Rs250000 for chromites, Rs3000 for dolomite, Rs 10,000 for diorite, Rs. 8000 for iron ori, Rs. 6000 lime stones, Rs 2500 laterite, Rs6000 for marble, Rs1400 for ordinary stone, Rs 6000 for quartz, Rs6000 for sulphur, Rs7000 for soup stone, Rs 1000 for sand, Rs2500 for slate stone, Rs750 for Thar stone, Rs 2500 for tuff per tonne.

Meanwhile, the boards also evaluated the value of silica sand of Rs6000 per tonne, Rs300 for gypsum per tonne was evaluated for imposing the 5% of advance tax on the non-filers.