FBR Notifies Steel Products’ Fixed Value for Taxation Purposes
According to media sources, the Federal Board of Revenue (FBR) in Islamabad has notified the fixed value of steel items to assess sales tax through SRO 985. The sales tax will be calculated using an ad valorem method.
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The following are the set prices of steel products:
- Price per ton for steel bars and other long profiles is fixed at PKR 140,000
- Tons of ship plates or steel ingots are valued at PKR 120,000.
- Steel billets @ PKR 125,000 per ton
- The price per ton of re-rollable steel and iron scrap is fixed at PKR 118,000
According to reports, if the value of supply of the goods is greater than the fixed value, the value of the items will be based on the value of supply.
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In addition, the FBR provided information regarding the licensing of brand names under section 40E of the sales tax for particular industries. Existing and new producers must now register each product’s brand with the FBR before selling it on the market.
To accomplish this, manufacturers will be needed to submit an application along with the necessary paperwork to the project director of the FBR track and trace system. The application must include information about the firms’ operations. The application will be assessed and a mandatory hearing will be scheduled within seven business days.
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