The government has introduced new revenue measures amounting to Rs. 36 billion, including the imposition of a 10 percent Federal Excise Duty on Day-Old Chicks (DOC) at the hatching stage.
The Chairman of the Federal Board of Revenue shared these additional taxation measures during the National Assembly Standing Committee on Finance meeting held here on Sunday.
The National Assembly Standing Committee on Finance approved the following three new taxation measures:
- A 10 percent Federal Excise Duty on Day-Old Chicks (DOC) in the poultry sector.
- An increase in the tax rate from 25 percent to 29 percent on dividends received by companies from mutual funds deriving income from profit on debt.
- An increase in withholding tax from 15 percent to 20 percent on profit from government securities paid to any person (institutional investors) other than individuals.
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Excise duty on chicken ??? They are locally produced.
What kind of idiot
they can be apply on local goods and products
Legal Basis:
Under the Federal Excise Act, 2005, the Federal Board of Revenue (FBR) is authorized to impose excise duty on:
– Manufacture or production of goods in Pakistan (i.e., local products),
– Import of goods into Pakistan,
– Provision of certain services (e.g. telecom, air travel, insurance).