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FBR withdraws 3pc valuation addition tax on import of consumer items

FBR withdraws 3pc valuation addition tax on import of consumer items

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn three percent minimum value addition tax on import of consumer items on which sales tax is paid on retail basis. According to the details, FBR on Friday issued SRO 1321(I)/2019, dated 08.11.2019, and amended the Twelfth Schedule of Sales Tax Act, 1990 under which three percent minimum value addition sales tax has been imposed on all imported goods subject to exclusions. As per the amendment the FBR withdrew the imposition of minimum value addition tax on import of goods specified in the Third Schedule of the Sales Tax Act, 1990. FBR