- The Federal Board of Revenue (FBR) has mandated the fixation of retail prices for various goods.
- Manufacturers and importers are required to establish retail prices before supplying goods.
- The FBR’s directive is in conjunction with the updated Sales Tax Act, applicable for the tax year 2024.
- The retail price is defined as the price determined by the manufacturer or importer, including all duties, charges, and taxes.
- The FBR has issued a comprehensive list of items for which retail price fixation is mandatory.
- The list includes items such as fruit juices, ice cream, aerated beverages, cigarettes, toilet soap, detergents, shampoo, toothpaste, tea, powder drinks, toilet paper, spices, shoe polish, cement, mineral water, household electrical goods, paints, lubricating oils, storage batteries, and auto parts.
- The aim of this move is to enhance transparency and regulate pricing in the retail sector, benefiting consumers and ensuring fair market practices.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
