ISLAMABAD: The Federal Board of Revenue (FBR) has formed two committees to examine and resolve issues arising from the implementation of the Third Schedule, particularly those concerning pricing requirements for imported and locally manufactured goods.
According to an FBR notification issued on August 5, the committees have been established under the Inland Revenue Wing to address difficulties faced by businesses and recommend measures to improve the implementation of Third Schedule provisions.
A committee at FBR Headquarters will review issues related to domestic goods and examine recommendations submitted by the field-level committee.
Where required, the committee will also issue Sales Tax General Orders (STGOs) to address practical difficulties and clarify implementation requirements.
A separate committee has been established at the Large Taxpayer Office (LTO) Karachi to specifically examine issues related to imported goods.
The committee will assess difficulties arising from the application of Third Schedule requirements and submit recommendations to the FBR for appropriate action.
One of its key tasks will be to determine practical methods for printing or affixing prices on imported goods in accordance with the law.
The committee will also determine the appropriate quantity and packaging on which prices should be displayed, aiming to establish a consistent mechanism for businesses.
The field-level committee will further develop a pricing formula for Third Schedule items.
The proposed formula will take into account fluctuations in foreign exchange rates in international and domestic markets, along with other relevant factors that may affect the prices of imported products.
The move is aimed at addressing implementation challenges faced by businesses while ensuring that pricing requirements under the Third Schedule are applied more effectively and consistently.
