Imports Section 148
Imports Section 148: Finance Act, 2024 — Explanation regarding Important Amendments made in the Income Tax Ordinance, 2001
Important amendments made in Income Tax Ordinance, 2001 (“the Ordinance”) through Finance Act, 2024 are explained in the subsequent paragraphs.
Imports Section 148
As per sub-section (1) of section 148, the Collector of Customs shall collect advance tax from every importer of goods on the value of goods at the rate specified in Part II of the First Schedule. As per sub-section (6), the provisions of the Customs Act, 1969, in so far as relevant, shall apply to collection of tax under section 148. The value of goods was defined in sub-section (9) to mean value of goods as determined under the Custom Act 1969, as if such goods were subject to ad valorem duty increased by the custom-duty, federal excise duty and sales tax, if any, payable in respect of import of the goods. However, in case of goods chargeable to tax at retail price under the Third Schedule of the Sales Tax Act, 1990, the value of goods means retail price of such goods increased by the sales tax payable in respect of the import and taxable supply of such goods.
Through the Finance Act, 2024, a new sub-section (6A) has been inserted in section 148 which empowers the Board to determine the minimum value of goods for the purpose of collection of advance tax under section 148 through notification in the official Gazette. Clause (c) has been added in sub-section (9) whereby value of goods means minimum value as notified by the Board under sub-section (6A) as if such goods were subject to ad valorem duty as increased by the custom-duty, federal excise duty and sales tax payable in respect of the import of goods.
Read full text of Explanation of Finance Act, 2024 Amendments made in the Income Tax Ordinance, 2001 for more updates on taxes from FBR click here.
