The Federal Board of Revenue (FBR) has been granted new powers to outsource valuation functions to third parties for determining the value of imported goods and items subject to sales tax based on printed retail price.
The FBR issued instructions to its field formations on Wednesday, formalizing the expanded authority.
Under the first proviso to clause (46) of Section 2, the Board is empowered to fix the value of imported goods or supplies, including those specified in the Third Schedule of the Sales Tax Act.
The scope of this provision has now been broadened, allowing the Board to draw on data from the Pakistan Bureau of Statistics and to outsource valuation functions to third parties, according to the FBR.
