ISLAMABAD – Chairman Federal Board of Revenue (FBR) Shabbar Zaidi haswarned of strict action against the import of Indian-origin products in thecountry using regional ports. He said that the tax authority is noticingimport circumvention with respect to goods of Indian origin.
In his twitter post, Shabbar said that ‘Origin of import circumvention’means declaration or representation of the wrong country of origin.
As per the World Trade Organization (WTO), rules of origin are the criterianeeded to determine the national source of a product. Determining where aproduct comes from is no longer easy when raw materials and partscriss-cross the globe to be used as inputs in scattered manufacturingplants.
Rules of origin are therefore needed to attribute one country of origin toeach product. They are the criteria used to define where a product was madeand are important for implementing other trade policy measures, includingtrade preferences, quotas, anti-dumping measures and countervailing duties.
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Earlier, the Supreme Court of Pakistan also accepted the revenue board’scontention that Capital Value Tax (CVT) is collectible where the propertyis transferred by a company.
Apprising the SC decision about acceptance of CVT collection, the ChairmanFBR said,
