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FBR increases minimum price of steel products

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ISLAMABAD: Minister of State (MoS)/Special Assistant to Prime Minister on Finance & Revenue Dr. Waqar Masood Khan and Secretary Revenue Division/Chairman FBR Asim Ahmad are presiding over the video link conference, here Wednesday. Member Legal FBR Syed Ghulam Abbas Kazmi is also seen in the picture.

Raza Kazmi

ISLAMABAD: The Federal Board of Revenue (FBR) has increased the minimum prices of steel products vide SRO 985 dated 4th Aug, 2021 in the wake of increased prices of steel products in the domestic & international markets. Last time the prices of steel products were fixed by FBR vide SRO 992 dated 4th Sep, 2019.
It merits mention here that FBR is empowered to fix minimum prices of steel products under proviso to clause (46) of section 2 of the Sales Tax Act, 1990. The new prices of Bars have been fixed at Rs. 140,000/-; Billets at Rs. 125,000/-, Ingots/Bala & Ship-plates at Rs. 120,000/- and Scrap at Rs. 118,000/- per metric ton.
FBR has further clarified that the said upward revision was essential in the wake of recent surge in local & international prices of steel products and to prevent possible loss of revenue. FBR has further indicated that, in future, minimum prices would be fixed on quarterly basis.
Meanwhile, Federal Board of Revenue (FBR) held a Video Link Conference (VLC) with Commissioners Appeals to review their performance during the Financial Year 2020-21. The purpose of holding the Conference was also to chalk out a workable strategy for disposal of substantial pendency of appeals involving revenue of billions of rupees and to work out a strategy to dispose of manual income tax appeals by 30th December, 2021 as envisaged in Rule 76O of Income Tax Rules, 2002. The conference was chaired by Dr. Waqar Masood Khan, Minister of State (MoS)/Special Assistant to PM (SAPM) on Finance and Revenue and Asim Ahmad, Secretary Revenue Division/Chairman, FBR.
Syed Ghulam Abbas Kazmi, Member Legal in his opening remarks presented an overview of the achievements of Legal Wing, FBR during the previous financial year. Member Legal explained that Legal Wing, FBR and its thirty-three (33) Appeals Commissionerates have taken several measures to improve the litigation process of tax cases including the e-filing of appeals. A new speedy system of appeal filing has been introduced and is working at its full potential since 1st January, 2021 and so far 20,415 appeals have been filed online.
Dr. Waqar Masood Khan, SAPM on Finance and Revenue in his address expressed present government’s strong and unfaltering resolve towards re-organization and transformation of the FBR. He added that FBR is the backbone of the Public Finance of the country as it generates and collects tax revenue. During his earlier discourses, he explained that he had dilated upon the importance of automation in FBR as an important component of reform initiatives of the Government.
He congratulated the Chairman FBR and Member Legal for successfully launching e-filing of appeals and noted that it had minimized the physical interaction between the taxpayer and the Commissioner Appeals, thereby reducing the cost of appeal filing along with ensuring efficient service delivery and transparency. He observed that it would also facilitate the offices of Commissioners (Appeals) to dispose of appeals efficiently in a paperless environment using the FBR’s Web Portal.
Asim Ahmad, Secretary Revenue Division and Chairman FBR praised the Legal Wing for disposing of 25,323 appeals involving tax revenue of Rs. 899.6 billion during the previous financial year. He also acknowledged pivotal role played by Legal and IT Wings of FBR in making automation of appellate process a success.
In the last session of the Conference, the Commissioners Appeals made presentations about their performance during the previous financial year and shared strategy to dispose of pending and fresh appeals during the current financial year.