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Pakistan

SC has accepted FBR’s plea over Capital Value Tax collection: Shabbar Zaidi

Apex Court has accepted FBR's contention that ‘CVT is collectable where property is transferred by a company, annou
12 Dec 2019
  • Apex Court has accepted FBR's contention that ‘CVT is collectable where property is transferred by a company, announced FBR chairman.
  • On Wednesday, Chinese Customs Delegation visited FBR and held detailed meetings on the Green Corridor.

Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi said on Thursday that the Supreme Court of Pakistan has accepted the board's plea that Capital Value Tax (CVT) is collectable where property is transferred by a company.

In a tweet, the Chairman FBR said, “Supreme Court of Pakistan has accepted the contention of FBR that ‘Capital Value Tax (CVT) is collectible where property is transferred by a company. Held that CVT is collectable in all transfers, not limited to those undertaken by Registrar of Properties.”

Chinese Customs Delegation visited FBR and held detailed meetings with Pakistan Customs on December 10-11 to further cooperation between the Customs Authorities of the two governments.

Negotiations were also held about the Green Corridor, which will be a fast track Customs Clearance System exclusively for agricultural products at Silk Route Dry Port at Sost, Pakistan and Khunjerab Dry Port at Tashkurgan on the Chinese side.

Both sides also discussed the development of Authorized Economic Operators Program between both countries. More effective border management cooperation was stressed by both the sides.