Sugar prices likely to go up
Sugar prices are likely to go up as the Federal Board of Revenue (FBR) has abolished the valuation of Rs60 per kg fixed for collection of sales tax on local sugar, reported 24News HD TV channel on Thursday.
The FBR issued a notice in this regard. The FBR has also abolished the valuation of $725 per metric tonne of sugar for imported sugar. The board has canceled the 2016 notification for sales tax exemption on sugar. The sugar, now, will be taxed at market price instead of Rs60 per kg, FBR officials said.
The sales tax on imported sugar will be collected as per import rates instead of $725 per metric tonne. The rise in sales tax will cause a hike in the prices of sugar.