Green Field Industry

In an attempt to promote investment in the Green Field Industry and facilitate individuals who want to invest in this sector, the Federal Board of Revenue (FBR) has launched an online portal in Iris that will facilitate the application filing process for the grant of Green Field Industry Status.

The regulatory authority took to Twitter to announce the launch of the portal and wrote that “To this end, two separate applications have been provided under the Income Tax Ordinance, 2001 and Sales Tax Act, 1990”.

“Faceless compliance and facilitation through the use of ICT tools is a priority agenda of FBR as per the Vision of the Present government,” it said adding that the tax collection body is moving fast to accomplish this vision as a leader in developing and launching such faceless compliance tools for facilitation of the taxpayers.

The board has also been making efforts to improve the tax collection process in the country by facilitating the consumers. The regulatory authority collected a total of PKR22 billion, making it the largest income tax amount historically collected as the tax filing session concluded on December 8, 2020.

These figures can be considered as double compared to last year when the board collected a total of PKR13.5 billion in income tax head. The board had earlier launched an online submissions method to facilitate the tax filers and also allowed the tax advisors to file multiple tax files in a single plea.

Furthermore, the FBR has amended Sales Tax Rules, 2006 to issue a detailed procedure for e-audit. Under the new procedure, where a case has been selected under Section 25 or Section 72B of the Sales Tax Act, as the case may be, and the competent authority issues directions to conduct e-audit, the laid down procedure shall be adopted.

The concerned Commissioner Inland Revenue shall serve a notice to the registered person specifying the reasons for selection of his audit case.

Source: TechJuice

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