{"id":43740,"date":"2024-08-04T11:27:08","date_gmt":"2024-08-04T06:27:08","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=43740"},"modified":"2024-08-04T11:27:08","modified_gmt":"2024-08-04T06:27:08","slug":"federal-govt-plans-to-raise-sales-tax-on-tractors","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/federal-govt-plans-to-raise-sales-tax-on-tractors\/","title":{"rendered":"Federal govt plans to raise sales tax on tractors"},"content":{"rendered":"<p>ISLAMABAD: The <a href=\"https:\/\/dailyausaf.com\/en\/business\/federal-government-to-privatize-power-distribution-companies\/\">federal government<\/a> is considering increasing the sales tax on tractors from 10% to 14%, a move that could impact the agricultural sector.<\/p>\n<p>This proposed tax hike follows the removal of a previous <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/kp-assembly-lowers-tobacco-tax-rate-in-amended-finance-bill\/\">sales tax exemption<\/a> on tractors in the 2024-25 budget, which had introduced a 10% sales tax.<\/p>\n<p>Sources from the Federal Board of Revenue (FBR) indicate that the tax authority recently completed a proposal to raise the sales tax to 14%. The proposal is pending Cabinet approval and has already been forwarded to the finance ministry.<\/p>\n<p>The rationale for this increase is that the current 10% input tax is not being fully utilized, and with the standard sales tax rate at 18%, it has led to refunds for the tractor industry. The proposed increase aims to address these refund issues.<\/p>\n<p>Previously, tractors were exempt from sales tax, but the 10% tax was imposed through the Finance Act 2024, effective July 1, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The federal government is considering increasing the sales tax on tractors from 10% to 14%, a move that could impact the agricultural sector. This proposed tax hike follows the removal of a previous sales tax exemption on tractors in the 2024-25 budget, which had introduced a 10% sales tax. Sources from the Federal Board [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":40396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[1363,20059,20060],"class_list":["post-43740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pakistan","tag-sales-tax","tag-federal-governmnet","tag-tractors"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/43740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=43740"}],"version-history":[{"count":1,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/43740\/revisions"}],"predecessor-version":[{"id":43741,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/43740\/revisions\/43741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/40396"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=43740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=43740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=43740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}