Industry barred from tax refund on urea sales.

 
FREE EXCERPT

The federal government has promulgated an ordinance that bars fertiliser companies from claiming input sales tax refunds on urea sales to unregistered dealers, prompting an immediate reaction from the industry that has termed it an arbitrary move with serious implications for the fertiliser sector.

The Federal Board of Revenue (FBR) put the presidential ordinance, which made changes to the tax laws, on its website on January 2, according to which the ordinance had been notified on December 28, 2019, said Fertiliser Manufacturers of Pakistan Advisory Council Executive Director Sher Shah Malik.

The ordinance restricts fertiliser...

To continue reading

REQUEST YOUR TRIAL