KARACHI: Under the promulgated Tax Laws (Amendment) Ordinance, 2021; the Federal Board of Revenue has cut the rate of income tax by 0.25% for the dealers and sub-dealers of the cement industry. The income tax rates are slashed from 1.5% to 0.25%.
The relief is given to the dealers, sub-dealers, retailers, and wholesalers registered under the Sales Tax Act, 1990. Moreover, the service will also be extended to those who get themselves registered within 60 days after the promulgation of the Tax Laws (Amendment) Ordinance, 2021.
The entities registering after April 11, 2021will be liable to pay advance tax at the rate of 0.7%.
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