Highlight of Changes in the First Schedule:
(1) Rate of duty on cigarettes have been proposed to be changed to
| Locally produced cigarettes if their retail price exceeds fifteen rupees per ten cigarettes. |
Duty @ Sixty three per cent of retail price |
Locally produced cigarettes if their retail price exceeds six rupees and fifty seven paisas per ten cigarettes but does not exceed fifteen rupees per ten cigarettes. |
Duty @ Two rupees and eighty paisas per ten cigarettes plus sixty nine per cent per incremental rupee or part thereof |
Locally produced cigarettes if their retail price does not exceed six rupees and fifty seven paisas per ten cigarettes |
Duty @ Two rupees and eighty paisas per ten cigarettes. |
(2) Duty on motor spirit, aviation spirit, spirit type jet fuel, JP1 and other jet fuels and on Petroleum bitumen (Bitumen and Asphalt) including bituminous mixtures have been proposed to be abolished.
(3) The bill proposes to impose condition for reduced rate of 2% on lubricating oil manufactured from reclaimed oils or sludge or sediment that if it will be sold in retail packing or under brand names the words manufactured from reclaimed oil or sludge or sediment must be clearly printed on the back.
(4) The proposed amendment seeks to replace the duty structure on travel services.
(5) The bill proposes to levy 5% duty on amount of charges or non-fund services provided by banking companies or NBFCs. It has been proposed to abolish the duty on Service provided or rendered by a foreign exchange broker including any authorized dealer of foreign exchange to a customer and that provided by cable TV operators. It has been also proposed by a notification (S.R.O. 467(I)/2007) that the services provided cable TV operators for period July 1, 2006 to June 30, 2007 be exempt from levy of the duty.
Highlights of Changes in Third Schedule:
(1) The amendment proposes to withdraw conditional exemption from duty granted to non-aerated beverages concentrates.
(2) The bill proposes to allow exemption from duty to Life Insurance and Health Insurance.
S.R.O. Summary
S.R.O. 469(I)/2007
This SRO proposes to withdraw exemption from duty from passengers having arrived in Pakistan from abroad on tickets issued outside Pakistan and are embarking only for return journey from Pakistan. |
Mr. Gohar Manzoor
