Wednesday, June 19, 2024

FBR Implements Changes in Mobile Phone Valuation, Offers Relief to Overseas Pakistanis

The Federal Board of Revenue (FBR) has introduced amendments in its valuation ruling for mobile phones, aiming to provide relief to overseas Pakistanis while maintaining standard procedures for commercial importers. The newly issued Valuation Ruling Number 1834 of 2023 includes increased depreciation rates, particularly beneficial for incoming international passengers, including overseas Pakistanis.

Under this ruling, overseas visitors can avail of a depreciation of up to 60% on used or refurbished mobile phones, offering significant concessions for devices up to five years old. However, the revised policy does not extend these concessions to commercial importers of new mobile phones. Duties and taxes for commercial importers will be based on relatively higher customs values, with additional models included in the assessment criteria.

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The FBR's decision encompasses a detailed list of brands and models for assessing duties and taxes. For models not covered in the ruling but imported in commercial quantities, clearance collectorates are advised to assess them under Section 81 of the Customs Act, 1969, with a reference forwarded to the Directorate for final value determination.

The initiative also targets the reduction of under-invoicing margins, particularly in branded mobile phones, aiming to enhance transparency and streamline the valuation process for imported devices. The response to the FBR's decision has been mixed, with overseas Pakistanis welcoming the increased depreciation rates, while commercial importers grapple with the challenges posed by higher customs values. The impact on the mobile phone market awaits further assessment as stakeholders analyze the broader implications of the updated valuation ruling.

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Zayn
Zayn
Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.
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