Islamabad: The Federal Board of Revenue (FBR) on Wednesday announced the fixed value of steel products for assessment of sales tax through SRO 985, media sources reported. The sales tax will be based on the ad valorem basis.
It was reported that if the value of supply of the goods is higher than the fixed value, the goods’ value will be evaluated at the value of supply. Besides this, the FBR also issued details about the licensing of the brand name under section 40E of sales tax for certain sectors. This has led the existing and new manufacturers to register their brand of each product with the FBR before they sell in the market. For this purpose, manufacturers will have to submit an application with required documents to the project director of the FBR track and trace system. The application must consist of details about the operations of the businesses. Within seven working days, the application will be reviewed and a mandatory hearing will be scheduled.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
