ISLAMABAD: The government has enforced the Finance (Supplementary) Act, 2022, generally known as 'mini-budget' which was passed by the National Assembly (NA) on January 13, to withdraw sales tax exemptions to the tune of Rs 343 billion from January 16, 2022.
Chairman FBR Dr Muhammad Ashfaq Ahmed told media on the conclusion of the first computerised draw on POS Prize held at the FBR (HQs) that the president has given assent to the Finance (Supplementary) Act, 2022 to bring fundamental changes in the sales tax law and withdraw sales tax exemptions given to the elite class and powerful lobbies and cartels, he added.
Under the Finance (Supplementary) Act, 2022, the sales tax would be applicable from the next day of the assent given by the president.
President Dr. Arif Alvi on Saturday has given assent to the Finance (Supplementary) Act, 2022 and sales tax measures would become applicable from Sunday (January 16).
The story was first published in Business Recorder on January 16, 2022.