Tax on the Import of Raw Materials for Pharmaceuticals Likely to be Reduce or Eliminate in 2022-2023 Budget
The Federal Government has started considering in the budget of the next financial year 2020-2023 to eliminate or reduce the tax rates on the import of raw materials used in pharmaceuticals.
According to Express, the Federal Government has decided in principle to provide relief to the pharmaceutical sector in the budget of the next financial year, under which 17% sales tax which is currently imposed on the import of raw materials used in the country either to reduce or completely eliminate.
In this regard, sources in the Federal Board of Revenue said that the previous Government had imposed a 17 percent tax on the import of raw materials for medicines, which led to the sale of four medicines from the use of raw materials imported for the manufacture of medicines.
However, the pharmaceutical sector had serious reservations about this and it was also in nature as the refund system was very complicated when medicines were manufactured by paying 17% tax on raw materials of medicines.
In order to make medicines cheaper for the common man the present government, they are considering that a 17% tax rate should be withdrawn or reduced sales tax on raw materials used in the manufacture of medicines in the upcoming 2022-2023 budget.
The government does not want to make a profit but they want to take measures that reduce the cost of life-saving drugs and other medicines in the Country. If the current Government approved this step, then it will be a big relief to the Public in the current Economic and Inflation Situation in the Country.
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