The Federal Board of Revenue (FBR) has abolished values fixed for the assessment of sales tax in US dollars on certain steel products including imported billets and re-rollable scrap. In this regard, the FBR has amended the Sales Tax Special Procedure Rules, 2007 here on Thursday and deleted entries relating to imported billets and re-rollable scrap.
Subsequently, the values fixed for assessment of sales tax have also been abolished. The imported billets were assessed for 16 percent general sales tax on the indicative price of 600 dollar per metric tons (PMT) and imported re-rollable scrap was assessed at value of 480 dollar (PMT) for calculation of sales tax.
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