ISLAMABAD, July 20: The government has reduced the rate of withholding tax from 6 per cent to 1 per cent on import of phosphatic fertilizers.
The reduction in the duty was announced through a income tax notification SRO619 of 2004 issued on Tuesday.
According to the notification reads as "in the aforesaid schedule, in part-II, for clause (13A), the following shall be substituted, namely:- 13A) in respect of phosphatic fertilizers imported and specified in notification no.
SRO609 of 2044 dated July 16, 2004 the tax under section 148 of the income tax ordinance, 2001 shall be collected at the rate of 1 per cent of its import value as increased by customs duty and sales tax, if any, levied thereon".
