Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer Goods (FMCG) including flour mills and refineries.
The words, “flour mills” could not be mentioned inadvertently in the table which was an error and had been noted and would be rectified in the amended bill.
Budget | Clarification | Tax Rates | Minimum Tax | Flour Mills | Fast Moving Consumer Goods | FMCG | FBR | Federal Board of Revenue | IRS | Income Tax Returns |