Sales tax assessment: FBR to fix minimum values of steel products on quarterly basis

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to fix minimum values of steel products on quarterly basis, for assessment of sales tax, upon the recommendations of the respective field offices.

In this regard, the FBR has issued instructions to the field formations here on Wednesday. According to the FBR’s instructions to the Large Taxpayer Offices (LTOs) and Regional Tax Offices (RTOs), it has been decided in the last meeting between Pakistan Association of Large Steel Producers (PALSP) and FBR Member (IR Operations) that minimum value of steel products shall be fixed on quarterly basis upon the recommendations of the respective field offices.

Accordingly, the field formations have been asked vide Board’s letter for provision of current market prices of steel products so that the same should be revised accordingly, FBR added.

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Another FBR’s instructions to the field formations revealed that in order to revise the minimum value of steel products as fixed through SRO 501(I)2023, the FBR’s field formations are requested to conduct a random survey and to provide market value of steel products along with express recommendations on monthly basis.

The Chief Commissioners-IR concerned also requested to nominate concerned officer from each field formation as “focal person” to make liaison with the Board in determination of minimum value of steel products and reporting accordingly. The details of focal person i.e. name, designation and contact number to be shared with the FBR, FBR added.

Meanwhile, the documented steel sector has thanked Mir Badshah Khan Wazir Member IR Operations for periodic fixation of minimum values of steel products.

On behalf of members of Pakistan Association of Large Steel Producers, the association sincerely thanked for taking the much-needed measure of quarterly fixation of minimum values of steel.

This measure will ensure an increase of Govt revenues and at the same time, the periodic review will help to ensure payment of fair amount of sales tax by the steel industry, the industry added.

Copyright Business Recorder, 2024