KARACHI: The Federal Board of Revenue (FBR) has been directed by the government to forward certain information regarding tax collection and enforcement measures to International Monetary Fund (IMF) on regular basis under the Extended Fund Facility (EFF) loan program.
The authorities of revenue body will have to transmit statistical data of revenue collection on monthly and quarterly basis to the (IMF) for monitoring the performance under arrangement.
The total revenue collected separately by the tax administration and customs administration, including revenue by individual tax, and social contributions must be submitted within seven days of the end of each month by the FBR, IMF recent country report said.
The authorities of revenue body will have to submit Value Added Tax (VAT) refund claims in arrears for the 30 largest debtors within 30 days of the end of each quarter.
The automated VAT refunds, “Detailed data, by type of data, of outstanding tax credits for all types of tax revenues.†It added, “Number of refunds that were processed automatically (share total refunds); total value of automated and automatic refunds and offsets; average waiting time (days) to receive funds will be forwarded within 45 days of the end of each quarter.
Large taxpayers: “Data on the number taxpayers and amount of taxes managed by the Large Taxpayer Units (LTUs),†the authorities will submit data within 45 days after the end of each quarter.
According to IMF, total value of recorded imports; duty paid; number of transactions involving recorded imports and number of total transactions involving non-duty free recorded imports of import data must be submitted within 30 days of the end of each quarter.
The FBR has to forward audits, percentage of selected companies and identified revenue from audits data within 45 days of the end of each month (monthly data provided on a quarterly basis to the IMF.