Cement prices to witness a drop of Rs20-25: FBR

ISLAMABAD : A spokesperson of the Federal Board of Revenue (FBR) on Friday detailed budget allocations related to the institute which will directly or indirectly effect the masses. FBR spokesperson, Dr Hamid Atiq said that sales tax imposed on shoe stores has been reduced by 12% while a relief has been offered in mobile manufacturing. Income tax for amounts up to $350 has been abolished while sales tax has also seen considerable deduction, said Atiq. An ordinance related to Gwadar port has been made part of the national finance bill whereas power and gas generators and suppliers will work on a data sharing policy. Duty on imported cigars has been increased from 65% to 100%. A decrease in financial institutions duty (FID) for cement will see the product price drop Rs20 to  Rs25, added the spokesperson. 10 withholding taxes have also been abolished on income related taxation.