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The Federal Board of Revenue has imposed federal excise duty on services provided by Asset Management Companies from June 13, 2013. According to the budget instructions issued by the FBR to the field formations here on Friday, the federal excise duty @ 16 percent has been imposed on all financial services as specified in Pakistan Customs Tariff (PCT) Heading 98.13, whether rendered or provided by banking companies, non-banking financial institutions and other persons.

For this purpose, S. No 8 of Table II of the First Schedule to the Federal Excise Act, 2005 has been substituted. Now financial services such as “Easy Paisa”, private modarabas, asset management companies, foreign exchange dealers, ATM withdrawal fee, etc shall be subjected to federal excise duty. The exemption from federal excise duty to services provided by Asset Management Companies is being withdrawn by deleting S. No 8 of Table II of the Third Schedule to the Federal Excise Act, 2005. These amendments are effective from June 13, 2013.

The FBR said that in order to promote fuel conservation, federal excise duty @ 10 percent has been imposed on imports and local supply of large vehicles above 1800 cc capacity. For this purpose, a new S. No 55 has been added in Table I of the First Schedule to the Federal Excise Act, 2005. The amendment is effective from June 13, 2013. The FBR’s directive said that the exemption from federal excise duty on hydraulic cement has been withdrawn by deleting S. No 5 from Table-I of the Third Schedule to the Federal Excise Act, 2005. Thus such hydraulic cement is chargeable to duty with effect from 13th June, 2013.

The rate of federal excise duty on aerated waters has been enhanced from 6 percent to 9 percent by amending S. No 4, 5 and 6 of Table I of the First Schedule to the Federal Excise Act, 2005. It may be noted that this enhanced rate has not been made effective immediately, but shall come into effect on July 1, 2013, the FBR instructions added.

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