ISLAMABAD: Recovery and submission of Rs 1 billion arrears of capital value tax to the national kitty has become a rolling stone and a lingering issued among three major institutions.
The Federal Board of Revenue (FBR), Law Division and Auditor General of Pakistan (AGP) are carrying on a hectic correspondence as well as consultation for the resolution of the said issue nowadays.
The FBR was of the stance that subject of CVT had been devolved and is no more a federal subject, therefore, it was not FBR’s responsibility of the federal government to collect this tax.
On the other hand, provinces were also reluctant in collection of the said tax on the account that at the time of levy of this tax, CVT was a federal subject, therefore, responsibility of collection and submission of arrears of came on the federal government and FBR.
Majority of issues and problems in the collection of arrears have been lying pending of the taxpayers hailing from Sindh and Khyber Pukhtunkhwa provinces. However, AGP is still of the view that the delayed collection of arrears of Rs 1 billion of CVT, was benefiting not anyone else but the tax evaders.
Such a state of affairs erupted in a legal debate regarding imposition of responsibility of collection of said amount and submission in the national exchequer, which led to a detailed correspondence among three state institutions; FBR, Law Division and AGP. Amid this controversy, all three organizations are trying to resolve this issue amicably.
DG Valuation sets new customs values for imported almonds vide VR No.2065/2026
KARACHI: The Directorate General of Customs Valuation released Valuation Ruling No. 2065/2026, superseding the previous ruling issued in December 2024....
