FBR seeks steps to meet tax target
Conference called to invite proposals from tax officials.
ISLAMABAD:
The Federal Board of Revenue (FBR) has called a conference on May 5 which will review proposals of chief commissioners of Inland Revenue for imposing new taxes in the budget for 2011-12.
Sources told The Express Tribune on Tuesday that FBR had also issued instructions to field formations to submit proposals for short-term revenue-generating measures to meet the revised target of Rs1,588 billion this fiscal.
According to details, the conference will review impact of major revenue measures taken through Finance Act 2010, revenue collected through capital gains tax, advance tax on transactions in banks, advance tax on purchase of tickets for domestic air travel and withholding tax of Re1 per kg for transport goods vehicles.
The conference will also discuss progress on the expeditious refund system for reducing pending claims with special focus on sales tax refund claims of up to Rs50,000. Problems in the system and status of post-refund audit will also be reviewed.
The conference will also focus on proposed legal and procedural changes in the Income Tax Ordinance 2001 and other tax laws for improving compliance.
The meeting will consider priority cases where tax officials are certain about available information so that the short time left is effectively utilised for generating more revenue and bringing people into the tax net.
Published in The Express Tribune, May 4th, 2011.
The Federal Board of Revenue (FBR) has called a conference on May 5 which will review proposals of chief commissioners of Inland Revenue for imposing new taxes in the budget for 2011-12.
Sources told The Express Tribune on Tuesday that FBR had also issued instructions to field formations to submit proposals for short-term revenue-generating measures to meet the revised target of Rs1,588 billion this fiscal.
According to details, the conference will review impact of major revenue measures taken through Finance Act 2010, revenue collected through capital gains tax, advance tax on transactions in banks, advance tax on purchase of tickets for domestic air travel and withholding tax of Re1 per kg for transport goods vehicles.
The conference will also discuss progress on the expeditious refund system for reducing pending claims with special focus on sales tax refund claims of up to Rs50,000. Problems in the system and status of post-refund audit will also be reviewed.
The conference will also focus on proposed legal and procedural changes in the Income Tax Ordinance 2001 and other tax laws for improving compliance.
The meeting will consider priority cases where tax officials are certain about available information so that the short time left is effectively utilised for generating more revenue and bringing people into the tax net.
Published in The Express Tribune, May 4th, 2011.