ISLAMABAD: Federal Board of Revenue (FBR) issued clarification regarding application of newly inserted Serial No 26 in Section 33 of the Sales Tax Act, 1990.
The clarification read as “it is clarified that at import stage the mechanism of clearing of goods already defined in STGO 103 of 2019 is to be followed. The STGO recognizes that in some situations, the printing of retail price is not possible and allows clearance of goods on payment of sales tax in the manner as provided therein subject to furnishing of an undertaking that the retail price shall be duly printed. Therefore, the provisions of the STGO be followed by the customs authorities.
However, the aforesaid undertaking shall mention that the importer shall print the retail price within ten days of release/clearance of the consignment and intimate the Commissioner concerned for inspection before further supply. However, if inspection is not made within ten days after intimation the importer/manufacturer will be free to supply in the market. The newly inserted penal provisions shall be invoked if the manufacturer/importer violates the undertaking or is otherwise non-complaint with requirement of retail price taxation.
FBR fails to recover Rs5.62b in taxes from 106 taxpayers
LAHORE: The Federal Board of Revenue has failed to recover Rs5.62 billion in taxes from 106 taxpayers across 14 field...
