STAFF REPORTER KARACHI The Federal Board of Revenue on Tuesday allowed customs clearance against bank guarantees to goods stuck up after changes in application of income tax rates applied through Finance Act 2020. The FBR implemented new tax rates under Section 148 of Income Tax Ordinance 2001 from July 1, 2020. Under the new regime, the FBR classified imported goods under three different categories for income tax concessions at one percent, two percent and 5.5 percent. For categorising three different parts of goods, a new 12th Schedule has been introduced to Income Tax Ordinance 2001. In the first two parts, the FBR mentions the names of goods for allowing concessional rates; therefore, all other goods not mentioned in the two parts should fall under the third part.
