PESHAWAR: The Federal Board of Revenue (FBR) has directed manufacturing units in erstwhile FATA/PATA to determine their installed capacity through Input Co-efficient Organization (IOCO) in order to facilitate them in import of raw material.

This was decided during a high level meeting held through video link with Chairman FBR, Dr Muhammad Ashfaq Ahmed in the chair the other day, said a press release issued here on Saturday.

The meeting was attended by the senior officers of Inland Revenue Service (IRS) and Model Custom Collectorate (MCC). The decision was taken while taking cognizance of the tax related problems of the manufacturing units of the region.

Participants of the meeting were apprised that IOCO teams have already been constituted for capacity determination. Therefore, the manufacturing units are required to extend utmost cooperation to these teams for completion of the said task. However, if some manufacturers have not yet contacted the IOCO teams for any reason, they are advised to contact IOCO through Regional Tax Office (RTO), Peshawar instantly.

It was categorically decided in the meeting that if manufacturing units of erstwhile FATA/PATA failed to determine their installed manufacturing capacity by 15th April, 2022. Then this exercise will be stopped, after which these units may face practical difficulties in their tax related matters like imports and payment/exemption from taxes.

The manufacturing units of erstwhile FATA/PATA were, therefore, requested to take this opportunity and get their installed capacity determined by the IOCO teams.

On this occasion, the Chief Commissioner IR, RTO, Peshawar was directed by the Chairman, FBR to hold an early meeting with the manufacturers of erstwhile FATA/PATA and persuade them to approach the IOCO teams for doing the needful.

Copyright Business Recorder, 2022