The Federal Board of Revenue has directed the Director General Intelligence and Investigation (I&I); FBR Member Administration and FBR Member Inland Revenue to identify 10 major retail items prone to sales tax evasion. A senior government official told Business Recorder here on Thursday that the Board-in-Council of the FBR has decided to fix minimum sale price of 10 major retail items prone to sales tax evasion.
However, the FBR has yet not identified the items for minimum sale price fixation. The FBR has started the exercise to identify the items as per decision of the Board-in-Council. So far, no names have been finalised. Once the names of the 10 major retail items prone to sales tax evasion would be identified, the FBR will fix their minimum sale price for taxation purposes. "The decision has been taken in the last meeting of the Board-in-Council, but names of the items have yet to be finalised," the official added.
According to the decision of the Board-in-Council, to stop sales tax evasion due to the under pricing of various domestic goods, Director General Intelligence and Investigation (I&I), FBR and Member (Admn), FBR shall prepare a proposal in consultation with FBR Member Inland Revenue (IR) for valuation and thereon inclusion of 10 major evasion prone items in the existing list of items for minimum pricing at the retail level.