In recent news, the second amendment of the tax laws has included that in your area manufactured mobile phones in Pakistan will be subjected to a reduced rate of minimum tax associated with 0. 25 percent.
According to the FBR officials, because the dealers and retailers associated with other consumer goods have already been subjected to the minimum tax under section 113 from the Income Tax Ordinance 2001 in the rate of 0. 25 percent, the FBR will likewise implement the same method upon locally produced phones with the second amendment.
Moreover, the government has also withdrawn income tax exemption on profits and gains derived from any respective industrial undertaking. The particular Chairman of the Pakistan Mobile Manufacturers Association added in a video message that this is going to be good news on both the stakeholders and consumer side since the phones which were initially charged 1 . 5 percent in terms of taxes will now only charge 0. 25 percent.
To put it briefly, this is said to be a good method of ensuring the promotion of locally produced electronic products and reducing the user’s dependency on international electronic products.
The Chairman had thanked all of the government bodies that played a huge role in finalizing this decision and added that the nearby mobile industry players will make Pakistan the hub associated with exports in the global cellular market.