Old clothes import: drastic reduction in ST rate notified
July 12, 2013
The Federal Board of Revenue has drastically reduced sales tax from 17 to 5 percent on the import and local supply of old and used clothes. Sources told Business Recorder here on Thursday that the statutory regulatory order (SRO) has been signed by the tax authorities in this regard. The notification has been got vetted by Law and Justice Division and signed by the concerned official on Thursday.
Presently, a number of consignments of old and used clothes are stuck up at ports due to imposition of the standard rate of 17 percent sales tax. Following issuance of this notification, the importers would be able to clear their consignments at a lower rate of 5 percent at the import stage. Courtesy Business Recorder
Published in ZaraiMedia.com