Tuesday June 23, 2009
ISLAMABAD: The print media advertising excluding classified advertisements would be liable to federal excise duty in VAT mode. Through amendments in the Finance Bill (2009-10), the government has withdrawn FED on classified advertisements and shop boards to provide relief to common man and small shopkeepers.
The newsprint media is being provided relief to help them in their difficult situation, by exempting import of newsprint from the levy of 16 percent general sales tax. Now, it will be subjected to customs duty of 5 percent only.
Similarly, for classified advertisements, no withholding income tax shall apply for which a separate notification will be issued. These measures will provide relief of about Rs 1 billion to the newsprint sector, enabling it to play its due role in the nation-building process.
In budget 2009-10, the levy of Federal Excise Duty @ 16 percent in VAT mode was proposed on advertisement in newspapers, periodicals, hoarding boards, pole signs, sign boards and shop boards through amendment in Table II of First Schedule to the Federal Excise Act, 2005.
(BRecorder)
ISLAMABAD: The print media advertising excluding classified advertisements would be liable to federal excise duty in VAT mode. Through amendments in the Finance Bill (2009-10), the government has withdrawn FED on classified advertisements and shop boards to provide relief to common man and small shopkeepers.
The newsprint media is being provided relief to help them in their difficult situation, by exempting import of newsprint from the levy of 16 percent general sales tax. Now, it will be subjected to customs duty of 5 percent only.
Similarly, for classified advertisements, no withholding income tax shall apply for which a separate notification will be issued. These measures will provide relief of about Rs 1 billion to the newsprint sector, enabling it to play its due role in the nation-building process.
In budget 2009-10, the levy of Federal Excise Duty @ 16 percent in VAT mode was proposed on advertisement in newspapers, periodicals, hoarding boards, pole signs, sign boards and shop boards through amendment in Table II of First Schedule to the Federal Excise Act, 2005.
(BRecorder)
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