Islamabad: The Federal Board of Revenue (FBR) has drafted a new tax ordinance (second amendment) for changes in the tax ordinance of 2022 for additional tax collection, news sources reported on December 13.
The new tax ordinance, which has been presented to the Finance Ministry to be forwarded to the National Assembly Secretariat, includes an additional PKR 36 billion in taxes imposed on the tobacco industry as well as an exemption of sales tax for single-cylinder agriculture diesel engines and a capital value tax (CVT) exemption for passenger/goods transport vehicles and foreign diplomatic vehicles. It also restores the old tax schemes for small traders and retailers that were in place before the Finance Act of 2022. After approval from the National Assembly, the ordinance will be in effect for a period of 120 days.
It is pertinent to mention that the FBR has set a tax collection target of PKR 965 billion for December, which is 61% higher than the revenue collected in the same month last year, and a total tax collection target of PKR 7.4 trillion for the tax year 2022–23.
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