Federal Board of Revenue (FBR) has deployed its officials at Karachi & Lahore ports and airports to monitor the tax collection at import stage from the importers, dealing in retails goods. According to the notification issued here, the FBR has posted its officials at Karachi & Lahore ports and airports to monitor the tax collection at import stage from the importers, dealing in retails goods.
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After the amendment made through the Finance Act, 2019, a proper monitoring mechanism is required to monitor the tax collection at import stage from the importers dealing in retail goods/third schedule items because the FBR has observed that price lists have yet not been incorporated in WeBOC system of customs. Resultantly, the sales tax is not being collected at actual retail price as envisaged in Finance Act, 2019.
Keeping the same in view, the FBR has approved constitution of three port teams at Karachi port, Port Qasim, Karachi airport, Lahore port and Lahore airport to obtain retail price lists from concerned LTU/RTO having jurisdiction over importers of goods falling in 3rd Schedule.
In addition, these teams will also ensure proper entry of all the retail items in the WeBOC system and create a liaison with customs authorities at ports regarding proper implementation of valuation of third schedule items. Moreover, these teams will also submit weekly report to FBR regarding implementation of new budgetary measures at import stage.
(This news/article originally appeared in Business Recorder on August 8th, 2019)