Home / Knowledge / News / FBR forms body to draw up plan for levy of VAT at retail stage
FBR forms body to draw up plan for levy of VAT at retail stage
10
Jul '09
Federal Board of Revenue (FBR) has constituted a team of senior officials to draw up a plan for the enforcement of VAT (value added tax) at retail stage from the next fiscal year.

The five-member committee comprising senior Customs officials, including Strategic Planning & Statistics Member Mr. Zafar-ul-Majeed and ST&FE Chief Mr. Abrar Ahmad Khan, has been directed by FBR Chairman Mr. Sohail Ahmad to “come up with a comprehensive plan to fully enforce the VAT at retail stage by July 2010,” says a press release issued.

The decision to constitute the process re-engineering team that also includes Collector Sales Tax RTO Lahore, Additional Collector LTU Islamabad and Deputy Director Customs Evaluation Karachi has been taken in view of the importance of extending VAT to the entire retail stage, allowing adjustment of tax paid at earlier stages.

The decision comes in the wake of a growing realization of the fact that a large number of transactions in the economy take place at retail place. While existing legislation provides for levy of VAT at retail stage, its practical enforcement and collection has faced enormous problems for more than a decade and currently only retailers with threshold of Rs 5 million are required to be registered.

It may be added that the 3rd Schedule of the Sales Tax Act, 1990 provides for levy of VAT on the retail process of certain specified supplies, including e.g., cigarettes. Sales Tax Act, 1990 that was enforced in November 1996, is designed for a classical VAT Model. At present, VAT is being collected on imports and supplies by manufacturers, wholesalers, distributors and big retailers.

Federal Board of Revenue

Must ReadView All

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

Indian GDP to grow at 7.5% this fiscal: Arun Jaitley

The GDP of India will grow at the rate of 7.5 per cent in 2017-18 as...

Textiles | On 24th Apr 2017

US’ textile manufacturers applaud Buy American order

US' National Council of Textile Organisations has favoured President...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search