ISLAMABAD: The Federal Board of Revenue (FBR) is compiling data of revenue collected by the field formations through enforcement measures including auctions/raids/seizures during 2020-21 and subsequent past fiscal years. The FBR has issued instructions to the field formations here on Thursday.
Sources said that the net impact of the taxation measures taken under Finance Act 2021 stands at nearly Rs164 billion for 2021-22. The FBR's reliance on administrative /enforcement measures was increased from Rs242 billion to Rs342 billion during 2021-22.
The government has also introduced several new enforcement measures for broadening the tax base through the Tax Laws (Third Amendment) Ordinance, 2021. According to the FBR, the field formations have been asked to provide year-wise figures of recovery of arrears and creation of current demand through enforcement measures.
A meeting of the Sub-Committee on Tax Administration's Trans-portation is scheduled, wherein, year-wise details of such revenue is required, which is materialised out of the total revenue deducted, by field formations of the FBR through enforcement measures i.e. auctions/ raids/ seizures, shall be discussed.
Year-wise figures on the specified format are required for deliberations of the said Sub-Committee. It is, therefore, requested that the same may be provided positively by October 15, 2021 (Friday), thereby enabling the FBR to compile the same for consumption of the subject, Sub-Committee on Tax Administration's Transportation, the FBR said.
Copyright Business Recorder, 2021