FBR Proposes Changes to Taxes on Tea Imports

The upcoming federal budget (2024-25) will introduce new rates for duties and taxes on black tea imports.

The Federal Board of Revenue (FBR) has presented three proposals to the Finance Minister for approval.

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The aim is to curb evasion of duties and taxes, which amounts to billions of rupees on black tea imports.

The first proposal suggests revising customs values through a new valuation ruling. The second proposal recommends rationalizing customs duty, sales tax, and income tax on tea imports. The third proposal aims to establish a minimum sales tax value for tea to ensure accurate sales tax assessments.