Capital Value Tax Chapter- 01
(e) Where clause (c) or (d) of this sub-section apply, the tax shall be collected at the time of sale or
where the payment is made in installments at the time of payment of first installment and the tax
collected shall be paid to the credit of the Federal Government through remittance to the
Government Treasury or deposit in an authorized branch of the State Bank of Pakistan or the
National Bank of Pakistan within seven days of the date of collection:
Provided that the tax collected by the Federal Government, a Provincial Government or a Local
Government shall be paid to the credit of the Federal Government on the day the tax is collected;
(f) Every motor vehicle registering authority of Excise and Taxation Department at the time of
registration of a motor vehicle or transfer of registration shall collect tax on the value of motor
vehicle at the rate specified in the First Schedule:
Provided that tax under this clause shall not be collected from the person from whom tax has been
collected in respect of same vehicle under this section at the time of –
i. import;
ii. purchase from local manufacturer or assembler; or
iii. auction;
(g) In case of assets mentioned in clauses (b) of sub-section (2), the person holding the assets shall be
liable to pay tax at the time the income tax return for the tax year is due in the manner prescribed;
and
(h) In case of assets notified by Federal Government in terms of clause (c) of sub-section (2) above, the
tax shall be collected or paid in the manner as specified in such notification.- Deposit of CVT in the federal consolidated Fund
The proceeds of the tax collected under this section shall be credited to the Federal Consolidated
Fund under the head specified by the Federal Government. - Implication for late or non-payment of CVT
Where a person fails to pay tax, or to collect tax or fails to pay to the credit of the Federal
Government after having collected the tax the person shall be personally liable to pay-
(i) The amount of tax; and
(ii) The default surcharge at a rate equal to twelve per cent per annum on the tax unpaid
computed for the period commencing on the date on which the tax was due and ending on
the date on which it was paid. - Passing of an order by relevant Taxation Officer
Where sub-section (6) applies, the officer of Inland Revenue may pass an order after giving the
person an opportunity of being heard, and proceed to recover the tax under the provisions of the
Income Tax Ordinance, 2001 (XLIX of 2001) and the Income Tax Rules, 2002 as if the tax were an
arrear of income tax. - Revision of order by CIR
The Commissioner, on an application by the person, may revise any order made under this section. - Application of ITO 2001,for collection and recovery of CVT
The provisions of the Income Tax Ordinance, 2001 (XLIX of 2001) and the Income Tax Rules, 2002
in so far as relevant, shall apply to the collection and recovery of tax under this section. - Right of Appeal to the aggrieved person