KARACHI: The Federal Board of Revenue (FBR) is bound to provide revenue data collected by customs and Inland Revenue separately to International Monetary Fund (IMF) within seven days of each month.
Under the protocol agreed by Pakistan government with the international donor agency, the FBR is bound to provide monthly data of total revenue collected separately by the tax administration and customs administration, including revenue by individual tax and social contribution.
The FBR has been required to fulfill the liability within seven days of each month.
The country’s revenue collecting agency also required to provide quarterly data of sales tax refunds of arrears claims by the 30 largest debtors.
The authorities also agreed to provide quarterly data of automated value added tax (VAT) refunds including details data, by type of tax, of outstanding tax credits for all types of tax revenues besides provided number of refunds that were processed automatically (share of total refunds); total value of automated and automatic refunds and offsets; average waiting time (number of days) to receive refunds.
The FBR has to provide the number of taxpayers registered with the Large Taxpayer Units and amount of tax managed by these units.
Within 30 days at the end of each quarter, the FBR will provide import included: total value of recorded imports; total value of duty-paid recorded imports; number of total transitions involving non-duty free recorded imports.
The IMF has also asked to provide the monthly data of audit selected by tax authorities and tax recovered from the exercise.