The Federal Board of Revenue notified regarding the reduction in electricity bills. On 4th August, 2022, the meeting was held in the Committee Room on the 4th Floor at the Ministry of Finance, Q-Block, to finalize the sales tax collection through Electricity Bills. The meeting was presided by Minister for Finance and Revenue, Dr. Miftah Ismail. However, they also attached the list of participants.
The fixed tax scheme introduced through Finance Act 2022 will roll back ab initio, and the retailers will continue to pay taxes as per previous mechanisms and rates. For three months, July to September 2022, the previous tax rate will continue to apply to retailers. The government will review the situation and notify new tax rates effective from 1st October 2022. For reversal of the free tax scheme, necessary legislation will enacted by FBR as soon as possible. For more details, keep visiting FSc Online website.
FBR Notification:-
Check out the FBR notification attached below.
