FBR Granted Authority to Set Retail Prices for Third Schedule Goods to Boost Tax Collection

• FBR is authorized to set retail prices for Third Schedule goods to improve pricing control and tax collection.
• The Finance Bill 2025 allows FBR to officially fix retail prices through notifications in the Official Gazette.
• Previously, manufacturers and importers set prices independently, leading to disputes and underreporting.
• Retail prices for Third Schedule imports must be at least 130% of the assessed customs value, including duties.
• The aim is to prevent undervaluation and ensure correct sales tax charges.
• The Finance Bill 2025 standardizes a 5% deduction for chilling charges on beverages like aerated drinks and fruit juices.
• The changes seek to enhance transparency, consistency, and fairness in retail pricing.
• The initiative is expected to improve revenue collection and reduce compliance issues for businesses.

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.

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