The Federal Board of Revenue (FBR) has formed two committees to address issues arising from the implementation of the Third Schedule of the Sales Tax Act, with a focus on pricing requirements for imported and locally manufactured goods.
According to a notification issued on August 5, the committees have been established under the Inland Revenue Wing to review implementation challenges faced by businesses and recommend solutions.
A committee at FBR Headquarters will examine matters related to locally produced goods and review recommendations submitted by the field-level committee. It will also issue Sales Tax General Orders (STGOs), where required, to address operational difficulties.
Another committee has been constituted at the Large Taxpayer Office (LTO) Karachi to handle issues related to imported goods. The committee will assess challenges linked to Third Schedule provisions and submit recommendations to the FBR.
The field committee will specifically examine practical arrangements for displaying prices on imported products, including determining the quantity, packaging units, and methods for affixing prices in line with legal requirements.
It will also develop a pricing mechanism for Third Schedule items by considering changes in foreign exchange rates, international and domestic market conditions, and other relevant factors.
The FBR said the committees are aimed at improving the implementation of Third Schedule requirements and resolving difficulties faced by taxpayers and businesses.
