ANL 10.60 Increased By ▲ 0.19 (1.83%)
ASC 9.32 Increased By ▲ 0.11 (1.19%)
ASL 11.90 Increased By ▲ 0.13 (1.1%)
AVN 80.66 Increased By ▲ 4.61 (6.06%)
BOP 5.55 Increased By ▲ 0.06 (1.09%)
CNERGY 5.50 Increased By ▲ 0.13 (2.42%)
FFL 6.75 Increased By ▲ 0.04 (0.6%)
FNEL 6.05 Increased By ▲ 0.12 (2.02%)
GGGL 11.43 Increased By ▲ 0.13 (1.15%)
GGL 16.88 Increased By ▲ 0.38 (2.3%)
GTECH 8.81 Increased By ▲ 0.28 (3.28%)
HUMNL 7.27 Increased By ▲ 0.05 (0.69%)
KEL 3.12 Increased By ▲ 0.25 (8.71%)
KOSM 3.15 Increased By ▲ 0.05 (1.61%)
MLCF 26.90 Increased By ▲ 0.91 (3.5%)
PACE 3.10 Decreased By ▼ -0.05 (-1.59%)
PIBTL 6.10 Increased By ▲ 0.06 (0.99%)
PRL 18.50 Increased By ▲ 0.35 (1.93%)
PTC 7.11 Increased By ▲ 0.10 (1.43%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 34.05 Increased By ▲ 0.80 (2.41%)
TELE 11.40 Increased By ▲ 0.28 (2.52%)
TPL 9.54 Increased By ▲ 0.32 (3.47%)
TPLP 20.71 Increased By ▲ 0.54 (2.68%)
TREET 30.20 Increased By ▲ 1.50 (5.23%)
TRG 78.30 Increased By ▲ 2.55 (3.37%)
UNITY 20.55 Increased By ▲ 0.27 (1.33%)
WAVES 12.85 Increased By ▲ 0.25 (1.98%)
WTL 1.45 No Change ▼ 0.00 (0%)
YOUW 4.94 Increased By ▲ 0.19 (4%)
BR100 4,160 Increased By 76.4 (1.87%)
BR30 15,387 Increased By 402.4 (2.69%)
KSE100 41,879 Increased By 826.8 (2.01%)
KSE30 16,009 Increased By 346.4 (2.21%)

LAHORE: The Federal Board of Revenue (FBR) has remitted 71 percent of the amount of duty drawback claims while automating 74 percent of all duty drawback claims via automated export duty drawback payment system, said sources.

The system was launched in end-December and the FBR has processed 55,790 out of 75,345 claims as of 15 January 2021, they added.

Also, they said, the FBR has issued 80 percent more refunds in comparison with the same period last fiscal year - Rs129 billion against Rs69 billion for the last year. This has helped the business community in reducing the cost of doing business and providing working capital for investment, he asserted.

According to sources, the FBR’s integrity management mechanism has been strengthened and the FBR head office and field formations have been restructured to improve efficiency. He said customs duty concessions and exemptions regime continues to be reviewed and simplified in collaboration with the tax policy board to further improve ease of doing business.

To broaden the tax base, they said, data from the financial services sector, telcos, utility companies, provincial revenue authorities, local development authorities, provincial excise and taxation authorities, local housing authorities, Securities & Exchange Commission, NADRA, and Federal Investigation Agency is being received and integrated to provide a full 360-degree view of all taxpayers.

He further said that a dedicated portal (Maloomat TaxRay) has been launched for taxpayers to view what information FBR holds about them. Moreover, they said, the systems used for prosecution, appellate, and alternate dispute resolution systems have been strengthened, revitalized, and automated. On the customs side, the Anti-Smuggling and Confiscation of goods portal have been enabled for data collection and analysis, they added.

Copyright Business Recorder, 2021

Comments

Comments are closed.