Pakistan’s Federal Board of Revenue (FBR) has fixed the value of steel products for sales tax on an ad valorem basis on Wednesday.
The board notified the fixed value of steel products for assessment of sales tax through SRO 985. The value of steel bars and other long profiles is fixed at PKR140,000/mt ($852.50/mt), steel billets at PKR125,000/mt ($761.16/mt), steel ingots/Bala, ship plates at PKR120,000/mt ($730.71/mt), and other re-rollable iron and steel scrap at PKR118,000/mt ($718.54/mt).
The move came in a bid to avoid under-invoicing of steel products. In the coming days, it could boost prices, believe industry participants.
($1 = PKR164.22)