Sunday, 26 May 2024
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TAXATION

FBR sought suggestions from stakeholders on the TOR

Mr Abid Shaban the Chairman of Technical Committee of Federal Board of Revenue (FBR), aimed to create a taxpayer friendly environment. He invited suggestions for improving various functions of the tax machinery.

Chairman technical committee of FBR sought suggestions from stakeholders on the terms of references (TORs).

The TOR of the technical committee are:

(i) Identify distortion, anomalies and inequalities in the taxation system which cause difficulties for taxpayers, or which discourage investment, industrialization and documentation, and propose solutions.

(ii) Propose measures to reduce the dependence on withholding taxes, minimum tax, advance tax etc.

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(iii) Propose measures for simplification of all taxation procedures, in a manner which does not compromise revenue collection and documentation.

(iv) Propose improvement in the temporary importation and manufacturing bond schemes in order to enhance their scope and facilitate direct and indirect exporters throughout the value chain.

(v) Identify issues hindering smooth processing of refund claims through the FASTER system. Propose amendments in the procedures or threshold to sales tax refund of various sub-sectors of exporters, and

(vi) Propose remedies for issues relating to adjustment of input tax paid against services subjected to sales tax by the provinces.

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