FBR Issues Clarification on FMCG/Flour Mills AgainFederal Board of Revenue (FBR) has once again clarified that the table prescribing tax rates for a minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer Goods (FMCG) including flour mills and refineries.
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“The words, “flour mills” could not be mentioned inadvertently in the table which was an error and had been noted and would be rectified in the amended bill. This would mean that the minimum tax applicable on flour Mills would remain at 0.25% of the turnover instead of 1.25% as being generally interpreted,” said the statement issued by the FBR.
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FBR further clarified that in order to boost the present government’s drive to keep inflation under control and to give maximum relief to the business community, General Sales Tax (GST) on wheat bran proposed to be enhanced to 17% in the Finance Bill is also being taken back.
