Reduction in Taxes and Duties on import and supply of various food items

Government of Pakistan Revenue Division Federal Board of Revenue *** Islamabad, the ih April, 2020 NOTIFICATION (Income Tax) S.R.O. 287(1)/2020.- In exercise of the powers conferred by sub-section (2) of section 53: of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendments shall be made in the Second Schedule to the said Ordinance, namely:- In the aforesaid Schedule,- (i) in Part II, after clause (24C), the following new clause shall be inserted, namely:- U(24CA)The rate of tax under clause (a) of sub-section (1) of section 153 in case of a person, other than a company, as a recipient of payment for goods supplied to Utility Stores Corporation of Pakistan shall be 1.5% of the gross amount of payment in respect of supply of tea, spices, salt, dry milk, sugar, pulses, wheat flour and ghee for the period commencing from the date of issuance of this notification till so" June, 2020: Provided that this clause shall not be applicable to supply of tea, spices, salt and dry milk which are sold under a brand name: Provided further that this clause shall not be applicable where rate of tax under clause (a) of sub-section (1) of section 153 is less than 1.5% of the gross amount of payment under any provisions of the Ordinance."; and (ii) in Part IV, after clause (12B), the following new clause shall be inserted, namely: - "(12C) The provision of section 148 shall not apply to persons importing pulses for a period commencing from the date of issuance of this notification till 30th June, 2020.". [F.No. 1(36)R&S/2020 (PT-I)]