The Federal Board of Revenue has issued a notification to reduce electricity bills. On August 4, 2022, a meeting to finalize sales tax collection through electricity bills was held in the Committee Room on 4th Floor in Q-Block, Ministry of Finance. The meeting was chaired by Finance and Revenue Minister Dr. Miftah Ismail. However, they also attached a list of participants.
The fixed tax scheme introduced by the Finance Act 2022 will now revert to the beginning, and retailers will continue to pay tax as per the previous mechanism and rates. For three months, from July to September 2022, the previous tax rate will continue to apply to retailers. The government will review the situation and notify the new tax rates from October 1, 2022. To withdraw the free tax scheme, the FBR will bring necessary legislation at the earliest. For more details, keep visiting FSc Online website.
FBR Notification:-
See FBR notification attached below.