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FBR withdraws valuation of sugar for collection of sales tax

FBR withdraws valuation of sugar for collection of sales tax

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn valuation of sugar for the purpose of sales tax collection in order to ensure clearance at prevalent international rates.

The FBR issued SRO 233(I)/2020 dated March 18, 2020 to amend SRO 812(I)/2016 dated September 02, 2016.

The FBR had fixed valuation at $725 per metric ton through previous notification. However, the prices of the commodity witnessed sharp decline in international market over the time.

Presently, the international sugar prices are being traded at $334.30 per metric tons. The prices fell by 21 percent during March 20, 2020 in international trade.