Friday, December 1, 2023

FBR to build tax office in Malakand

The Federal Board of Revenue (FBR) said on Thursday that it will open an office in the Malakand division to ensure that the law is followed in letter and spirit.

In this respect, the FBR has instructed the Regional Tax Office Peshawar to establish a tax office in the Malakand division to facilitate the quick discharge of consignments and the processing of consumption and exemption certificates.

Furthermore, the FBR has already created and operationalized Inland Revenue Enforcement Network checkpoints to guarantee that proper tax is paid at the rate of 16% on products delivered into taxable regions.

Read Also: IMF funding $2.77 billion to Pakistan on 23 August: Tarin

The government has proposed in the budget for 2021-22 that sales tax be levied on all products sold from tax-exempt regions of the former Fata/Pata to taxable areas.

A Fata/Pata domiciled person with the status of an active taxpayer shall continue to import raw materials for consumption at his industrial site by its specified installed production capacity by depositing post-dated checks.

Fata’s industrial facilities would be required to obtain an installed capacity determination certificate (ICDC) from the Khyber Pakhtunkhwa Department of Industries or the Ministry of Industry.

The Commissioner in question will accept the ICDC until he has reason to believe that the actual installed capacity is less than the determined and certified capacity.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments

Read more

Latest news
Would love your thoughts, please comment.x