The upcoming federal budget for 2024-25 is set to introduce new rates of duties and taxes on the import of black tea. The Federal Board of Revenue (FBR) has presented three proposals to the Finance Minister for approval, aimed at curbing the evasion of duties and taxes amounting to billions of rupees on black tea imports.
The first proposal suggests revising customs values through a new valuation ruling. The second proposal involves rationalizing customs duty, sales tax, and income tax on tea imports. The third proposal recommends setting a minimum sales tax value for tea to ensure proper assessment and collection of sales tax.
