Minimum tax on imports under Section 148

Minimum tax on imports under Section 148

Minimum tax on imports under Section 148: Advance tax collected under section 148 at the time of import of goods has been made minimum tax in cases where such tax was final before the Finance Act, 2019. However, such tax shall not be minimum on imports mentioned in sub-section

(7) which are mentioned hereunder:-

1. raw material, plant, machinery, equipment and parts by an industrial
   undertaking for its own use;
2. motor vehicles in CBU condition by manufacturer of motor vehicles;
3. large import houses, who,—
4. have paid-up capital exceeding Rs.250 million;
5. have imports exceeding Rs,500 million during the tax year;

iii. own total assets exceeding Rs.350 million at the close of the tax year;

1. is a single object company;
2. maintain computerized record of imports and sale of goods;
3. maintain a system of issuance of 100% cash receipt on sales; vii. Present accounts for tax audit every year;

viii, is registered under the Sales Tax Act, 1990 and

1. make sales of industrial raw material of manufacturer registered under the Sales Tax Act, 1990; and a foreign produced film imported for the purposes of screening and viewing.

These explanations have been issued by FBR after the Finance Act 2019 approved / passed from the parliament of Pakistan.