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FBR to impose 70pc sales tax on supply of maize

FBR to impose 70pc sales tax on supply of maize

ISLAMABAD: Federal Board of Revenue (FBR) has decided to impose at least 70 percent of sales tax on the supply of maize, it is learnt here.

Official sources told Customs Today that the board has reviewed and sought suggestions from the stakeholders including commerce ministry and advised them to provide feedback prior to the next ECC meeting.

The board has also asked the relevant stakeholders to inform the board regarding their suggestions on the issuance of refunds to the taxpayers.

Sources told that the top officials of the board will attend the meeting of all related stakeholders for the imposition of 70pc sales tax on the supply of maize; however the approval will be sought in the next ECC meeting.

It is important to mention here that Pakistan produced 6.13m tonnes of maize in Fiscal Year 2017, while exceeded by 16.3pc from last year’s 5.271m tonnes. Whereas the area under cultivation increased to 1.334m hectares from 1.191m hectares in FY16. The crop’s yield also went up to 4,595kg per hectare from 4,426kg per hectare.