The Federal Board of Revenue (FBR) on Wednesday notified the fixed value of steel products for assessment of nuisance tax through SRO 985.
The nuisance tax is going to be applicable on the ad val basis at the speed as applicable. the worth of steel bars and other long profiles is fixed at Rs140,000 per tonne, steel billets at Rs125,000 per tonne, steel ingots/Bala, ship plats at Rs120, 000 per tonne, and other re-rollable iron and steel scrap at Rs118,000 per tonne.
It was further clarified that the worth of products is going to be the worth at which the availability is formed just in case the worth of supply of the products is above the worth fixed.
Through a nuisance tax General Order No7, the FBR has issued details for licensing of the brand name under section 40E of nuisance tax for specific sectors.
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As a result, all existing and new manufacturers of specific sectors are required to register their brand of every product with the FBR before selling within the market. Every manufacturer will need to submit an application to the project director of the track and trace system along side supportive documents. the appliance will include all details and operations regarding their businesses/activities.
After the submission of the appliance by the manufacturer, the project office track and trace system will review the appliance and schedule a compulsory hearing with the manufacturer within seven working days of the receipt of the appliance.
