Chinese companies and investors will submit proposals to the Federal Board of Revenue (FBR) for changes and improvement in tax laws and procedures through Chinese Embassy in Pakistan to facilitate Chinese investment in different projects. Sources told Business Recorder here on Thursday that the decision has been taken during the recent visit of Chinese ambassador to Pakistan along with his team in the embassy and the representatives of the large Chinese companies operating in Pakistan to the FBR Headquarters.
The meeting was also attended by line members of Inland Revenue and Customs both with their teams. The Chinese investors presented one by one their taxation related issues pending with various Inland Revenue and Customs offices. The FBR chairman promised to resolve all pending issues within shortest possible time. Member Inland Revenue Operations and Member Customs Policy pledged their special support to the Chinese investors.
Following decisions were made in the meeting requiring various wings of FBR authorities and representatives from Chinese Embassy to take actions as per timeline:
Firstly, a workshop on federal tax laws and procedures shall be conducted by the FBR. The representatives from prominent/large Chinese companies and the staff from commercial section of the Chinese embassy shall attend. The action will be taken by FBR Member Inland Revenue Policy, FBR Member Customs (Policy), Commercial Counselor Chinese Embassy by the end of April 2019.
Secondly, Chinese companies would inform the focal person of FBR chairman office if they do not receive proper response from field offices of the FBR within two weeks time. FBR Member Inland Revenue (Operations) and FBR Member Customs Operations would immediately take action.
Thirdly, all field formations of the FBR and FBR wings at the headquarters shall be found to respond and dispose of any issue brought to their offices within the period of one month. FBR Members concerned shall make periodical inspections in this regard.
Fourth, the FBR fields of formation will appoint focal persons for Chinese companies. One focal person shall be appointed at each chief collectorate of customs and one at each large taxpayer unit. The details of the focal person shall be communicated to the Chinese embassy through the focal person for CPEC of this office.
Fifthly, Chinese companies/investors to move proposals for changes and improvements in tax laws and procedures through Commercial Section of the Chinese Embassy to focal person in the office of FBR chairman.
The members of the Chinese delegations expressed their satisfaction on the proactive approach of the FBR to solve their taxation-related problems, sources added.