LAHORE: After a lapse of almost three
years, the Federal Board of Revenue (FBR) and Punjab Revenue Authority (PRA)
finalised the parameters for implementation of the memorandum of understanding
(MoU) signed in 2014 to transfer an outstanding amount of approximately Rs16
billion to the latter under input tax adjustments claims.
PRA has been continuously battling with the FBR to seek its
pending claims in the backdrop of annual revenue shortfalls it has been facing
for the past three years.
PRA Additional Commissioner (Headquarters) Shahzad Mehmood
Gondal told Dawn that the agreed parameters and release of amount by FBR would
help achieving the annual sales tax on services target of Rs80bn fixed for
fiscal year 2016-17.
He said the authority has collected an amount of Rs43bn in
July-Jan 2016-17 as compared to Rs33bn it collected in the same period of
2015-16.
Mr Gondal said a technical committee meeting between the two
sides would decide the exact amount of pending claims and transfer modalities
which would not only help in clearing ST amount on annual basis but will also
help taxpayers in claiming ST refunds and avoid double taxation.
He said the FBR and PRA also reached an understanding for data
sharing and streamlining ST on services procedures.
According to parameters, the following is agreed: PRA claims
shall be scrutinised by the FBR for necessary verification on priority basis.
FBR claims shall also be scrutinised by PRA for necessary verification on
priority basis.
For scrutiny and verification of the claims, the following
parameters shall be observed: In case of sales tax invoices, out of three
fields i.e. (i) invoice No., (ii) invoice date and (iii) invoice amount of tax,
at least two shall match and this should be sufficient for the purposes of
verification. In case, the invoice number and date match but the tax amount
does not match, the lesser of the two amounts shall be considered verified.
In case of import GDs, the Customs Station Code, GD No. and date
are material particulars. Of the aforesaid three fields, if the Customs Station
Code and GD No. match, this should be sufficient for verification purposes. In
case if GD is verified, if the amount in return and that in the GD are
different, the lower amount shall be considered verified.
However, in case the Customs Station Code is missing, the GD No.
should be verified for matching purposes.
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