Islamabad April 28 2022: Formal steel sector to benefit as Federal Bureau of Revenue (FBR) in order to further strengthen the Inland Revenue Enforcement Network (IREN) has added “Steel Sector” to the specified goods for combating evasion and leakages of taxes and duties.
Rule 150ZQN of Sales Tax Rules, 2006 provide establishment of Inland Revenue Enforcement Network (IREN) responsible for combating evasion and leakages of taxes and duties payable on specified goods. For the purpose specified goods have been defined under Rule 150ZF of the Rules ibid comprising Tobacco, Beverages, Sugar, Fertilizer, Cement and Petroleum Products.
