ISLAMABAD: The Federal Board of Revenue (FBR) and all the four Provincial Revenue Authorities (PRAs) signed a Memorandum of Understanding (MoU) for a single sales tax return and single web portal, here on Wednesday.
Signing of the MoU is one of the most significant components of harmonisation of sales tax initiative currently underway between the Federation and the provinces.
On behalf of the FBR, the MoU was signed by the chairman FBR, whereas, the heads of all provincial revenue authorities signed the document on behalf of their respective departments.
The representatives of the Khyber-Pakhtunkhwa Revenue Authority (KPRA) and Balochistan Revenue Authority (BRA) were physically present in the ceremony, whereas, the representatives of Sindh Revenue Board (SRB) and Punjab Revenue Authority (PRA) participated virtually through Zoom.
While addressing on the occasion, Special Assistant to Prime Minister on Revenue Dr Waqar Masood Khan said that signing of the document was another step towards completion of the prime minister’s vision to make the FBR fully automated.
“This step will bring facilitation for taxpayers and it will help a great deal in improving the country’s position on ‘Ease of Doing Business Index,’ he added.
SAPM on Revenue further added that now persons associated with businesses would only have to file one Sales Tax Return instead of many returns.
He further said that this step would help bring simplification in tax system and procedure.
He expressed commitment that other issues currently existing between FBR and Provincial Revenue Authorities would soon be resolved which would further bring ease for business community.
The chairman FBR expressed his views about the facilitation this MoU will provide to taxpayers and that it would lead to simplification of tax system and related procedures.
The SAPM on Revenue congratulated chairman FBR, heads of Provincial Revenue Authorities and FBR’s Policy Wing Team on achieving this significant milestone.
Copyright Business Recorder, 2021
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