Islamabad: According to media reports, the Federal Board of Revenue (FBR) notified the fixed value of steel goods for sales tax assessment through SRO 985 on Wednesday. The sales tax will be calculated using an ad valorem method.
The fixed value of steel products are as follows:
- Steel bars and other long profile is fixed at Rs. 140,000 per tonne
- Ship plats or steel ingots are assessed at Rs. 120,000 per tonne
- Steel billets at Rs. 125,000 per tonne
- Re-rollable steel and iron scrap is fixed at Rs. 118,000 per tonne
It was stated that if the items’ supply value is more than the set value, the goods’ worth will be assessed at the supply value. Aside from that, the FBR released information on the licencing of the brand name under section 40E of the sales tax for specific industries.
As a result, current and new manufacturers are required to register their product’s brand with the FBR before selling it on the market. To do so, manufacturers must submit an application to the FBR track and trace system’s project director, along with the appropriate papers.