Shabbar Zaidi says SC has accepted FBR's contention about collection of CVT

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Thursday said that the Supreme Court (SC) has accepted the contention of FBR about collection of ‘Capital Value Tax (CVT), ARY News reported.

Apprising about SC decision about acceptance of CVT collection, Shabbar Zaidi in a tweet, said that the CVT is collectible where property is transferred by a company and added that it is collectible in all transfers, not limited to those undertaken by Registrar of Properties.

Supreme Court of Pakistan has accepted the contention of FBR that ‘Capital Value Tax (CVT) is collectible where property is transferred by a company. Held that CVT is collectible in all transfers, not limited to those undertaken by Registrar of Properties.

— Syed Shabbar Zaidi (@ShabarZaidi) December 12, 2019

Last week, Shabbar Zaidi had said that Federal Board of Revenue released refunds worth Rs5.5 billion under the fully automated faster system.

Read more: 17 percent more taxes collected in 2019 from previous year: FBR chairman

The FBR chairman in a tweet had said the most important change in paradigm is that such refunds have been issued under fully automated, impersonal, harassment and corruption-free system.