ISLAMABAD: The Federal Board of Revenue (FBR) has waived off the penal surcharge on the goods that are cleared from warehouses within a month.
According to a notification issued by member Customs policy in this connection, the federal government has revoked the surcharge in the case of goods that are cleared from the warehouse within 30 days from the date of the commencement of the SRO notification, and also extended the existing warehousing period of already in-bonded goods for another thirty days from the date of commencement of the notification.
The SRO states that the notification is not applicable to goods that have since been abandoned or auctioned under the Customs Act, 1969 (IV of 1969) and the rules made thereunder.
Separately, the FBR has achieved another milestone by signing an agreement for data sharing with the KP Board of Revenue and Estate.
The agreement was signed in a bid to improve efficiency and transparency in the tax collection system and to promote digital integration.
Under the agreement, the two organisations will share specified digital data, including data about land/property ownership and agricultural income, which will help both in improving tax collection activities in their respective domains.
The agreement also envisages to develop integrated IT based platforms through which automated exchange of data will be possible in future.
It may be mentioned here that FBR has been making efforts to acquire third party data by linking its IT systems with different provincial departments and other organisations in order to broaden the tax base and improve transparency in the tax collection system.
