ISLAMABAD: The Federal Board of Revenue (FBR) has not fixed the minimum value on the supply of sugar for sales tax calculation, as the matter is still pending in Lahore High Court (LHC).
It is learnt that the case is under review at the LHC.
The FBR has yet not fixed the domestic price of sugar, which is usually considerably below the actual market price of the commodity for sales tax assessment. However, the delay in the fixation of the price of sugar has resulted in revenue loss to the national exchequer.
Last year, the FBR issued a notification dealing with the fixation of the value of sugar for the assessment of sales tax at the domestic and import stages.
According to the last order of the Lahore High Court (LHC), the proceedings before the FBR regarding the determination of the value of the supply of sugar shall remain suspended. Thus, the FBR will not fix the said price of the commodity till a final decision of the court.
Copyright Business Recorder, 2023
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