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HomeBusinessFBR Implements Significant Measure to Prevent Revenue Loss.

FBR Implements Significant Measure to Prevent Revenue Loss.

The Federal Board of Revenue (FBR) has implemented a significant measure to curb revenue leakage by restricting the input tax adjustment facility exclusively to items on the “Positive List” utilized by specific sectors and industries. These sectors encompass weaving, dyeing & printing, steel melters/re-rollers, oil & ghee, chemicals, cement, lead & batteries, and paper & paperboard.

According to a notification issued by the FBR on Thursday, sectors such as weaving, dyeing & printing, steel melters/re-rollers, oil & ghee, chemicals, cement, lead & batteries, and paper & paperboard are only eligible for sales tax adjustment or input credit on items explicitly identified as “Positive List” by the Board.

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To streamline the allowance of input tax on raw materials used by these sectors, a positive list of input goods and services pertaining to each sector has been compiled through consultation with stakeholders. This comprehensive list has been made available on the FBR’s website for notification under the relevant legal provisions, following input and feedback from concerned quarters.

The notification urges all relevant parties to review the list and submit their recommendations regarding the addition or removal of any items listed by December 28, 2023. Recommendations should be forwarded to the Secretary (ST-Operations), FBR, Islamabad. This move aims to ensure transparency and compliance with the stipulated regulations in the taxation process.

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