ISLAMABAD – The Federal Board of Revenue (FBR) has introduced an electronic auction system for the sale of seized goods, allowing citizens to participate in bidding online without visiting auction venues.
The FBR has issued a notification amending the Sales Tax Rules under SRO 1889 to establish the new mechanism.
However, weapons, narcotics and other prohibited items have been excluded from the electronic auction process.
E-Auction Registration Fees
According to the notification, individuals seeking to participate in the auction will be required to pay a registration fee of Rs25,000.
The bidding process will remain open for 72 hours, during which participants will be able to place their offers online.
The highest bid will also be visible through the electronic system, enabling participants to monitor the bidding process.
Under the new rules, successful bidders must pay the full amount within seven days of the completion of the auction.
Failure to make payment within the prescribed period may result in action under the applicable rules, the notification states.
The introduction of the online auction mechanism is intended to facilitate public participation in the purchase of seized goods through a digital platform. By enabling remote bidding, the system will allow interested buyers to take part in the process from their homes.