According to details, the FBR issued Statutory Regulatory Orders (SROs), related to Customs Duty, Income Tax and Sales Tax, on Friday night, and exempted taxes on a number of health diagnostic support items.
These items include medical equipment/machinery, apparatus like coronavirus detection kits, surgical masks, multi-mode ventilators with air compressors, face shields, and other medical supplies.
The period of three months for which the taxes have been waived may be extended for another three months by the FBR on the recommendation of the Ministry of National Health Services Regulation and Coordination, if the adverse circumstances created by the pandemic continue to prevail.
According to SRO 235(1)/2020 issued by the FBR, in exercise of the powers conferred by Section 19 of the Customs Act 1969 (IV) of 1969, the federal government has exempted these items from the customs duty, regulatory duty and additional customs duty, for a period of three months from the date of issuance of the notification.
Under the SRO.237(I)/2020, sales tax exemption would be applicable on the import and subsequent supply of 61 items from payment of sales tax for a period of three months, starting from the date (March 20) of issuance of the notification.
Through an SRO 23 (1)/2020 issued on Friday, in exercise of powers conferred under sub-section (2) of Section 53 of the Income Tax Ordinance, 2001, the federal government has further amended the Second Schedule to the Income Tax Ordinance.
The provisions of Section 148 shall not apply to the import of following goods for a period of three months starting from date of issuance of the notification, the amendment reads.
Read more: SBP asks banks to waive all charges on online fund transfer
Remember, The central bank instructed banks to take specific measures to provide their services seamlessly taking care of reducing the risk exposure amid the coronavirus.
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