The sales tax on APIs has been decreased to 16 percent.
Along with several other modest changes to income tax rates, the government has decreased the sales tax on the import of active pharmaceutical ingredients (APIs) from the current 17 percent to 16 percent under the Finance Bill 2022–23.
Miftah Ismail, the minister of finance, and Ayesha Ghaus Pasha, the minister of state, both introduced the modifications in the National Assembly.
The original draft of the finance bill and the changes were both adopted by the parliament.
While cinemas have been given a five-year reprieve from paying any income tax nationwide, information technology venture capital firms have been excused from income tax.
Families of military martyrs and the federal government are excluded from being taxed on considered rental income.
A new section has been included that gives the Federal board of Revenue (FBR) the authority to enact fixed tax regimes for shops and service providers up to Rs 200,000 in the future. The FBR will periodically notify the fixed tax schemes through a statutory regulatory order.
