Commission Raises Concerns Over Verification of Freight Charges and Valuation in Import Sector

Islamabad, June 5, 2023: A high-powered commission, appointed by the finance minister of Pakistan, has expressed concerns regarding the verification of freight charges in CFR/CNF (Cost and Freight/Cost, Insurance, and Freight) invoices, which has led to potential underdeclaration of CNF values and the exclusion of freight charges on the Bill of Lading.

by Mrs. Anjum Shahnawaz

FBR raises CNG value for charging sales tax

May 10

Taxation

FBR raises CNG value for charging sales tax

The Federal Board of Revenue (FBR) has issued SRO 587(I)/2022 dated May 10, 2022, announcing an increase in the valuation of Compressed Natural Gas (CNG) for the purpose of charging sales tax on sales to consumers.

by Mrs. Anjum Shahnawaz

Valuation to be issued to plug loopholes in sales tax collection on imported consumer goods

Dec 21

Taxation

Valuation to be issued to plug loopholes in sales tax collection on imported consumer goods

KARACHI: Federal Board of Revenue (FBR) to issued sales tax valuation in order to plug revenue leakages on imported consumer items, sources said. The sources said that the FBR had identified massive misdeclaration and under invoicing on imported consumer items falling under Third Schedule of Sales Tax Act, 1990. In the latest budget 2019/2020, an […]

by Mrs. Anjum Shahnawaz

FBR to implement new valuations of immovable properties from July 01

Jun 21

Taxation

FBR to implement new valuations of immovable properties from July 01

ISLAMABAD: Federal Board of Revenue (FBR) has issued draft valuation of immovable properties for various cities, which will be applicable from July 01, 2019. The FBR issued the draft valuation tables for various cities for views and comments and asked the stakeholders to submit their input / feedback by June 30, 2019. The new revised […]

by Mrs. Anjum Shahnawaz