FBR seeks to impose FED on telecom import | CustomNews.pk

FBR seeks to impose FED on telecom import

KARACHI: The Federal Board of Revenue (FBR) has planned to impose Federal Excise Duty (FED) on telecom sector. The proposal was discussed at a briefing to the Finance Minister Asad Umar on the state of revenue collection and other issued related to FBR the other day. The minister advised the FBR to process the proposal for imposing federal excise duty (FED) on telecom sector. Member FBR on Inland Revenue – Policy has been assigned the task to finalize the proposal. It may be mentioned here that Pakistan’s overall telecom imports stood at $546 million in the first five months of the current fiscal year (July-November 2018). Asad Umar advised the FBR to submit a report in ten days ascertaining the reasons of decline in revenue collection from petroleum sector and Customs Tariff lines. Member FBR Customs – Operation and Member FBR Inland Revenue – Operation were advised to prepareate reconciliation of the revenue collection, which needs to be submitted to the Finance Minister. The meeting also decided that FATE Wind will publicize the achievements of FBR particularly highlighting the constitution of separate and special benches in Lahore high Court and Supreme Court in order to recover the stuck-up revenue in litigation. While discussing new tax measures for raising revenue, finance minister was of the view that FBR needs to implement the tax laws in such a manner, which must not discourage the compliant taxpayers as well as the export sector. Customs was advised to work out the quarterly analysis on tariff lines for ascertaining the issue of over and under invoicing used for tax evasion particularly with reference to trade with China. The meeting also discussed proposals for fiscal stabilization including mini-budget proposals.
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