FBR advises Customs to assess consumer goods at retail price
KARACHI: The Federal Board of Revenue (FBR) has advised all Collectors of Customs that items listed in the Third Schedule to the Sales Tax Act, 1990 will also be assessed w.e.f. 01" July, 2019 at the retail price at the import stage.
It may be noted that through Federal Budget 2019-20, measures have been introduced which are to be implemented at import stage w.e.f 1st July, 2019. Detailed budgetary instructions are being issued.
Accordingly, it is requested that the all items in the Third Schedule may be assessed for sales tax on the basis of declared retail price and not on the basis of customs value.
It may also be ensured that retail prices is printed on each individual item in the manner as specified clause (a) of sub-section (2) of section 3 of the Sales Tax Act, 1990. However, during the interim period up to 31" July, 2019. the clearance may also be allowed if the imported are affixed with stickers showing declared retail prices.