The Federal Board of Revenue (FBR) has decided to fix minimum values of steel products on a quarterly basis, for assessment of sales tax, upon the recommendations of the respective field offices.
In this regard, the FBR has issued instructions to the field formations here on Wednesday.
According to the FBR’s instructions to the Large Taxpayer Offices (LTOs) and Regional Tax Offices (RTOs), it has been decided in the meeting between the Pakistan Association of Large Steel Producers (PALSP) and FBR Member (IR Operations) that the minimum values of steel products shall be fixed on a quarterly basis upon the recommendations of the respective field offices.
Accordingly, the field formations have been asked vide Board’s letter for the provision of current market prices of steel products so that the same should be revised accordingly, FBR added.
Another FBR’s instructions to the field offices revealed that in order to revise the minimum value of steel products as fixed through SRO 501(I)2023, the FBR’s field formations are requested to conduct a random survey and to provide the market value of steel products along with express recommendations on monthly basis.
The Chief Commissioners-IR concerned are also requested to nominate concerned officer from each field formation as a “focal person” to make liaison with the Board in the determination of the minimum value of steel products and reporting accordingly. The details of the focal person i.e. name, designation, and contact number be shared with the FBR, FBR added.
