ISLAMABAD: The Federal Board of Revenue (FBR) has empowered the Inland Revenue Enforcement Network (IREN) to check sales tax evasion within the steel sector and intercept steel products transported/supplied without having tax stamps.
The FBR has issued a circular No 08 of 2022 here on Tuesday to explain an important amendment made in the Rule 150ZF to Sales Tax Rules, 2006 through SRO 541(1)12022.
The Sales Tax Rules, 2006 provide establishment of IREN responsible for combating evasion and leakages of taxes and duties payable on specified goods. For the purpose specified goods have been defined under Rule 150ZF of the Rules ibid comprising tobacco, beverages, sugar, fertilizer, cement, and petroleum products.
In order to further strengthen the IREN “Steel Sector” has been added to the specified goods through SRO 541(1)/2022 dated 22.04.2022, it added.
The FBR has established Inland Revenue enforcement network (IREN) which shall be responsible for combating evasion and leakages of taxes and duties payable on specified goods, which shall co-ordinate with enforcement units of the concerned field formations.
The functioning of the IR enforcement network included to check and verify any of the eventualities, the enforcement squads of IR shall patrol the designated routes on which specified goods are moving.
The mobile squads may check a vehicle or any place of storage, wherein reportedly such specified goods are being transported, stored or kept, as the case may be, on which tax stamps have not been affixed under these rules.
Copyright Business Recorder, 2022