ISLAMABAD: Chairman Federal Board of Revenue (FBR) will inaugurate one day seminar on communication strategy here today (Thursday). International experts will also deliver lecture on best international tax and revenue practices.
“Seminar is meant devise strategy along with preparation of recommendations for making FBR an effective, vibrant and capable organization to meet the emerging challenges,” a well placed source told this scribe here on Wednesday.
FBR is organizing this seminar in collaboration with British Department for International Development (DFID) and Her Majesty Revenue & Customs (HMRC). The seminar is the part of ongoing cooperation between both the organizations for strengthening FBR as well as capacity building of its officials.
DFID is department of British government that leads the UK’s work to end extreme poverty and need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit.
Similarly, HMRC is the UK’s tax authority, responsible for making sure that the money is available to fund the UK’s public services and for helping families and individuals with targeted financial support.
Pakistan, DFID has mission to secure constructive Pakistani engagement with the international and regional security agendas, to support sustainable development, democracy and human rights in Pakistan, to improve UK economic interests and to provide high-quality public services by ensuring close co-operation between all elements of the UK team, working in a secure, happy, cost-effective and best-practice environment. DFID funds many organizations who are working to end poverty through open competition.
Moreover, HMRC is responsible for safeguarding the flow of money to the Exchequer through our collection, compliance and enforcement activities, to make sure that money is available to fund the UK’s public services, to administer Statutory Payments such as statutory sick pay and statutory maternity pay, to help families and individuals with targeted financial support through payment of tax credits and to administer Child Benefit.
Being tax authority, HMRC is also responsible for Income Tax, Corporation Tax, Capital Gains Tax, Inheritance Tax, Insurance Premium Tax, Stamp, Land and Petroleum Revenue Taxes, Environmental taxes, climate change and aggregates levy and landfill tax, Value Added Tax (VAT), Excise Duties, National Insurance, Tax Credits, Child Benefit, enforcement of the National Minimum Wage and recovery of Student Loan repayments.
Facilitation and Taxpayers Education Wing (FATE) is main coordinating agency for today’s seminar which will devise future plans for making the FBR more effective and produce required results through capacity building.
Main objectives of FATE Wing are to ensure flow of information to the stake holders that is timely, relevant and of high quality, liaison with the electronic and print media of the country for all the updates, news and events, .to receive the information and queries from the taxpayers regarding procedural and technical difficulties being faced by them in meeting the tax obligations and to respond by rendering them advice in removing such difficulties as well as to promote ‘cultural change’ in FBR as tax officials must adopt a more assisting and facilitating attitude towards taxpayers rather than traditional confrontational mode
This seminar is beginning of cooperation with HMRC as HMRC is extending cooperation for internal and external capacity building of FBR and next seminar will be on transfer pricing.
It is pertinent to note here that last month, FBR constituted a unit on transfer pricing to identify relevant policy and operational issues faced by the tax authorities in this regard. The unit is being headed by Special Assistant to FBR Chairman, Dr. Muhammad Iqbal while Secretary Khalid Jamil, Additional Commissioner LTU Karachi, Girghari Mal Additional Commissioner LTU Karachi and Abdul Jawad Deputy Commissioner LTU Lahore are members of the unit.
The Transfer Pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise. if a subsidiary company sells goods to a parent company, the cost of those goods is the transfer price and legal entities considered under the control of a single corporation include branches and companies that are wholly or majority owned ultimately by the parent corporation.
