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FBR directs to assess ST on all items in Third Schedule on retail prices till July 31

FBR directs to assess ST on all items in Third Schedule on retail prices till July 31

ISLAMABAD: Federal Board of Revenue (FBR) (Inland Revenue Policy Wing) issued notification directing all Customs Collectorates that items listed in the Third Schedule to the Sales Tax Act 1990 shall be assessed with effect from. 1st July, 2019 at the retail price instead of customs values at the import stage.

The notification stated that all items in the Third Schedule may be assessed for sales tax on the basis of declared retail price and not on the basis of customs value. It may also be ensured that retail prices is printed on each individual item in the manner as specified clause (a) of sub-section (2) of section 3 of the Sales Tax Act, 1990.

However, during the interim period up to 31st July the clearance be allowed if the imported items are affixed with sticker showing declared retail prices.