Rationalizing rates of tax on the import of coal – Part II of the First Schedule
Rationalizing rates of tax on the import of coal: Prior to the Finance Act, 2018 tax on import of coal under section 148 of the Income Tax Ordinance,2001 was collected @ 5.5% from companies and industrial undertakings and @ 6% from other persons (in the case of filers) and tax was collected @ 8% from companies and industrial undertakings and 9% from other persons (in the case of non-filers).
Through the Finance Act, 2018, the rate of tax under section 148 on import of coal has been reduced to 4% for filers and 6% for non-filers.
