The Federal Board of Revenue (FBR) has decided to expand its computerised assessment of Capital Value Tax (CVT) system across the country as around 30 more CVT deduction stations will soon be established at Karachi in the first phase.
Mobeen Ali, CEO, Banxis, CVT software making company, has exclusively informed Business Recorder on Friday that all legal procedures have been completed by FBR and added that the company is waiting for a green signal in this regard. He said FBR has introduced CVT system through its Regional Tax Office (RTO), Karachi aimed at broadening tax-net as some four CVT stations are successfully working in the metropolis.
He further said that CVT system would be installed at registrar offices and provincial Motor Vehicle Registration department to assess CVT on every transaction made through these departments. To a question, he said CVT system would also be installed at all utility offices including Karachi Electric Supply Corporation (KESC) and Sui Southern Gas Company (SSGC) aimed at evaluating capacity of individual or a company paying taxes.
He maintained that it is a complete online solution, which certainly improves data processing of CVT on immovable and movable assets across the country. Mobeen said the CVT application and recorded data are completely secure and would only be accessible to different RTO's and FBR in an online environment, adding that it would be controlled via middleware control centre software for monitoring and controlling all transactions.
Furthermore, he said the software would automatically deduct CVT on all transactions of registered and non-registered buyers and sellers and would process data on regional basis.
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