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The National Board of Revenue (NBR) has withdrawn a 5.0-per cent advance income tax (AIT) on the import of edible oils, both crude and refined.
The move has been made for the industries located outside the economic zones to remove this disparity.
It has also waived AIT on some raw materials of refining factories and the import of all types of capital machinery by manufacturers.
To this end, the income tax wing of National Board of Revenue issued a pre-publication of a statutory regulatory order (SRO), dated August 28, amending the Income Tax Rules-1984.
It waived AIT on the import of soya bean oil and its fractions, whether or not refined, but not chemically modified, crude oil, whether or not degummed.
Other palm oils, including refined palm oil, synthetic staple fibres of polyesters and artificial staple fibres also came under the waiver.
AIT on edible oils is already exempted for the industries inside the economic zones.
Besides, the imports of all types of capital machinery by manufacturers will enjoy exemption from payment of AIT as per SRO.
Earlier, advance income tax was exempted for the import of capital machinery that is enjoying a waiver from payment of customs duty or a concessionary rate of customs duty.