S.R.O. 1797(I)/2022, Islamabad, the 29th September, 2022

SROS: S.R.O. 1797(I)/2022, Islamabad, the 29th September, 2022 Capital Value Tax Rules, 2022 Government of Pakistan Revenue Division Federal Board of Revenue ***** Notification Islamabad, the 29th September, 2022 S.R.O. 1797(I)/2022.- In exercise of the power conferred by sub-section (11) of section 8 of the Finance Act, 2022, the Federal Board of Revenue is pleased to make the following rules, namely:- Part I PRELIMINARY 1. Short title and commencement. - (1) These rules shall be called the Capital Value Tax Rules, 2022. (2) They shall come into force at once. 2. Definitions. - (1) In these rules, unless there is anything repugnant in the subject or context,- (a) “Act” means the Finance Act, 2022 (XIII of 2022); (b) “Form” means a form annexed to these rules; and (c) “Ordinance” means the Income Tax Ordinance, 2001 (XLIX of 2001). (2) All words and expressions used in these rules but not defined in these rules shall have the same meaning as assigned thereto in the Income Tax Ordinance, 2001 (XLIX of 2001) and the Act. Part II PROCEDURE FOR LEVY AND COLLECTION OF CAPITAL VALUE TAX 3. Declaration of assets. - (1) Every person who is liable to pay capital value tax on assets mentioned in clauses (b) and (c) of sub-section (2) of section 8 of Finance Act, 2022 shall file the electronic declaration in Iris as set out in the Form-A attached to these rules. (2) The value of foreign assets shall be converted in rupees as per ready transactions exchange rates for mark to market revaluation notified by the State Bank of Pakistan applicable for the last day of the tax year. 4. Statements to be filed by persons collecting capital value tax on motor vehicle. - (1) Every motor vehicle registration authority or a manufacturer or a person selling motor vehicle through auction liable to collect CVT in respect of motor vehicle in Pakistan shall furnish to the Commissioner a quarterly electronic statement in Iris as per schedule mentioned in sub-section (2) of section 165 of the Ordinance. (2) Every person liable to collect CVT in respect of motor vehicle in Pakistan shall also furnish to the Commissioner an annual electronic statement in Iris for the relevant tax year within…