The Central Board of Revenue (CBR) has accepted the proposed amendment of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in the fixation of value-addition for commercial exporters.
The CBR Secretary (STB), Dr Fareed Iqbal Qureshi, has informed the FPCCI that the aspect of value-addition and option, available to the commercial importers to avail of the scheme as provided in Chapter II of SRO-484 (1)/2004 (dated 12.06.2004), has been examined.
As a result, based on the proposals of the FPCCI, the following changes in the subject rules have been notified:
-- The minimum value-addition has now been prescribed as 10 percent.
-- The scheme has been made mandatory.
-- The amount of sales tax is to be deposited through challan in the sales tax head of account ie 0220,000.
The CBR expressed the hope that the FPCCI, following those changes, would ensure that its members and subsidiary associations, especially those which were mainly engaged in the commercial imports, would follow that scheme and make it a success.
Separate instructions have also been issued to all the collectorates of customs and requisite branches of the National Bank (NBP) to implement the scheme without any hurdles.