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FBR exempts income tax on import of the oxygen generators

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ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday exempted withholding income tax on import of oxygen generators and oxygen gas in order to ensure sufficient supply of products for treatment of coronavirus pandemic, says TLTP.
The FBR issued SRO 589(I)/2021 to make amendments in the Second Schedule of the Income Tax Ordinance, 2001.
The FBR said that the provisions of Section 148 of Income Tax Ordinance, 2001 shall not apply on import of following goods (PCT Code) for a period of 180 days starting from May 14, 2021, namely: oxygen (2804.4000), oxygen cylinders (7311.0090), Cryogenic – Tanks/Vessels (7311.0030) and oxygen concentrators / generators/ manufacturing plants of all specifications and capacities (respective headings).
Earlier, the FBR also exempted customs duty on import of oxygen gas, cylinders and oxygen manufacturing plants.
Raza Kazmi adds: Federal Board of Revenue (FBR) has issued a clarification on the news item published in the daily “Dunya” dated May 21, 2021 that Revenue Division could only spend Rs. 10,300/- on Single Window Program out of allocated Rs 200 million funding in the last ten months.
FBR has clarified that an amount of Rs. 20 million has been allocated under PSDP funding to PSW program for the on-going fiscal year and not the reported amount of Rs 200 million. With the required administrative approvals in place, the allocated amount is expected to be fully utilized before 30th June 2021.
Pertinently, FBR has utilized Rs. 250 million from funds allocated by Pakistan Customs and Rs 300 million under grant in aid from donors for PSW implementation in the current fiscal year. Another sum of Rs 262 million has been utilized for up-gradation of an existing data center to host PSW solution.
FBR has clarified that Pakistan Single Window is a major reform initiative of the government of Pakistan aimed at reforming overall management of cross border trade. Major progress has been made by Pakistan Customs as its lead agency thereby enabling the Revenue Division to roll out first phase of Pakistan Single Window in the year 2021. Pakistan Customs as the lead agency is well on track to deliver the PSW program within the allocated time and budget.