ISLAMABAD: The Federal Board of Revenue (FBR) has started registration of brand names, which is mandatory for manufacturers to sell their products.
The FBR on Tuesday issued Sales Tax General Order (STGO) No. 07 of 2021 for licensing of brand names under Section 40E of Sales Tax Act, 1990 for specified sectors.
According to the STGO, the FBR issued a procedure for licensing of brand names for specified sectors including tobacco products, beverages, sugar, fertilizer, cement and petroleum products. The revenue body said that all existing and new manufacturers of specified sectors are required to register their brand of each product with the FBR before selling the same in the market.
Every manufacturer will have to submit an application to the Project Director (Track & Trace System), FBR, along with the supportive documents. The application shall include investment cooperation between China and ASEAN, Wang stressed that in the first half of this year, the bilateral trade exceeded 410 billion U.S. dollars, up 38.2 percent year on year. ASEAN remains China’s largest trading partner, and their cumulative investment exceeding 310 billion U.S. dollars.
Wang stressed continuing anti-pandemic cooperation. China will try its best to meet the ASEAN need in vaccines and other anti-pandemic materials. China stands ready to work with ASEAN countries to firmly oppose politicizing scientific issues, resolutely resist the ravages of the “political virus,” and ensure the smooth and healthy development of international anti-pandemic cooperation.
He called for cooperation in vigorously promoting economic recovery. China would like to work with ASEAN to implement the ASEAN Comprehensive Recovery Framework, and forge their all-round recovery cooperation with trade and investment cooperation as the basis and with the digital economy and green development as new growth points.
Wang stressed consolidating the existing regional cooperation framework. China firmly supports ASEAN centrality in regional cooperation and ASEAN’s greater role in international and regional issues, said Wang, adding that China does not approve or participate in any cooperation mechanism that undermines ASEAN centrality.
He called for maintaining peace and stability in the South China Sea. China will continue to honor its commitments regarding the Declaration on the Conduct of Parties in the South China Sea (DOC). China stresses the peaceful settlement of disputes by countries directly concerned through consultation and negotiation, refraining from unilateral actions that aggravate tensions and widen differences, and deepening practical maritime cooperation.
The ASEAN foreign ministers said that China is a rational, wise and reliable force, and it does not fear any power as it seeks to safeguard international fairness and justice, adding that China’s development will bring new and greater opportunities for all ASEAN countries.
They said that ASEAN is willing to promote regional economic integration and jointly safeguard peace, stability and security in the South China Sea to promote regional development and prosperity with China. – Xinhua