Pakistan: Government notifies sales tax on steel products

Pakistan’s Federal Board of Revenue (FBR) has released a notification to fix the value of steel products for assessment of sales tax through statutory regulatory order (SRO) 985.

• The value of steel bars and other long products is fixed at PKR 140,000/t ($853) and steel scrap at PKR 118,000/t ($719).
• In case the value of the goods specified in the notification is higher than the fixed amount, the value of goods shall be the value at which the supply is made, the notice says.
• Existing and new manufacturers in specific sectors are required to register their brand of each product with the FBR before selling in the market.