FBR SRB signed agreement to verify input tax claims

FBR SRB signed agreement to verify input tax claims

 

ISLAMABAD: Federal Board of Revenue (FBR) and Sindh Board of Revenue (SRB) have reached an agreement regarding the parameters for cross-adjustment and verification of claim of input tax in light of the Memorandum of Understanding (MoU) signed recently between the two authorities (FBR News).

In response to the difficulties being faced by the taxpayers due to change in the definition of ‘input tax’ relating to provincial services, representatives of FBR and SRB held several meetings to resolve the issue, said a statement issued here Friday.

Finally, in the meeting held on October 26, 2016, FBR and SRB reached an agreement regarding the parameters for cross-adjustment/verification of claim of input tax in light of the Memorandum of Understanding signed between the two authorities on 13/03/2014.

The understanding was reached after extensive deliberations and meetings between the two revenue authorities. The agreement shall facilitate the taxpayers and allow them to adjust provincial tax paid on services against their liability of sales tax on goods.

FBR’s team was headed by Nisar Muhammad, Chairman FBR and included Dr. Muhammad Irshad Member (IR Operations), Rehmatullah Khan Wazir Member (Policy), Abdul Hameed Memon, Chief (Automation and Sales Tax), Raza Ashfaq Sheikh Secretary IR (LP & E), Muhammad Muti-ur-Rehman Mumtaz Secretary (STM) and Abid Naeem Senior Manager PRAL.

On the other side, the SRB team was headed by Alamuddin Bullo, Chairman SRB and included S.M.H. Kazimi Advisor SRB, Muhammad Iqbal Lakho Commissioner SRB, Muhammad Amir Sheikh Deputy Commissioner SRB, Abdullah Soomro Assistant Commissioner SRB and Shaique Jafri Senior Manager PRAL.

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