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