​Govt. backtracks on NBT, VAT revisions

13 January 2016 12:52 pm

The amendments proposed to Value Added Tax (VAT) and Nation Building Tax (NBT) Proposed in the Budget 2016 would not be implemented until the relevant legislative enactments were passed by Parliament, Finance Ministry yesterday said in a statement. 
 
However proposed exemption of deemed VAT on wholesale and retail trade would come to effect from January 01, 2016, considering its impact on cost of living, the statement noted.
 
Further, vehicle importers who have imported motor vehicles for personal use on letter of credits (LCs) opened before Budget 2016 are permitted to be cleared from the Customs by paying the duties under the rate prevailed at November 20, 2015 without paying any demurrages, it added.