ISLAMABAD: Tax officials have been empowered to confiscate goods where importer / manufacturer failed to mandatory print the retail price on consumer goods.
The government introduced Tax Laws (Second Amendment) Ordinance, 2019 on Wednesday through promulgated through presidential ordinance.
Federal Board of Revenue (FBR) issued salient features of the ordinance and stated that penalty had been proposed through the ordinance for person failed to comply with mandatory requirement of printing retail price on imported goods falling under Third Schedule of Sales Tax Act, 1990.
According to the amendment, any person, being a manufacturer or importer of an item which is subject to tax on the basis of retail price, who fails to print the retail price in the manner as stipulated under the Act.
“Such person shall pay a penalty of ten thousand rupees or five percent of the amount of tax involved, whichever is higher:
Further, such goods shall also be liable to confiscation. However, the adjudication authority, after such confiscation, may allow redemption of such goods on payment of fine which shall not be less than twenty percent of the total retail price of such goods.”