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.
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.
Dubai has long been a favourite destination for people from Pakistan, offering a vibrant mix…
Marking World Environment Day, Bank Alfalah, in collaboration with the Pakistan Air Quality Initiative (PAQI)…
Karachi has been rattled by a series of low-intensity earthquakes over the past two days,…
No one likes standing in long lines, filling endless forms, or waiting days for a…
The federal government is reviewing a series of relief proposals aimed at easing financial pressure…
Emirates, the world's largest international airline, has signed a Memorandum of Understanding (MOU) with the…
This website uses cookies.