- FBR has reduced the valuation of steel goods for sales tax calculation
- The adjustment is expected to help the steel sector dealing with fluctuating input costs
- The reduction was formalized through the issuance of SRO 1636(I)/2024
- Significant reductions were made in the valuation of steel bars, billets, ingots, and ship plates
- If the actual value exceeds the fixed valuation, sales tax will be calculated based on the higher value
- The reduction is expected to encourage growth in the steel industry and stabilize operations
- The move is welcomed by industry stakeholders and is expected to have positive downstream effects on construction and infrastructure projects.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
