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SC has accepted FBR’s contention about collection of CVT: Shabbar Zaidi

SC has accepted FBR’s contention about collection of CVT: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Thursday said that the Supreme Court (SC) has accepted the contention of FBR about collection of ‘Capital Value Tax (CVT).

Apprising about SC decision about acceptance of CVT collection, Shabbar Zaidi in a tweet, said that the CVT is collectible where property is transferred by a company and added that it is collectible in all transfers, not limited to those undertaken by Registrar of Properties.

Last week, Shabbar Zaidi had said that Federal Board of Revenue released refunds worth Rs5.5 billion under the fully automated faster system.

The FBR chairman in a tweet had said the most important change in paradigm is that such refunds have been issued under fully automated, impersonal, harassment and corruption-free system.