ISLAMABAD: Federal Board of Revenue has been assured of assistance in certain fields of revenue generation in Pakistan by Her Majesty’s Revenue and Customs.
In this regard FBR Chairman Tariq Bajwa has visited United Kingdom last week with delegation of FBR high officials including Member Customs Nisar Muhammad, Member Inland Revenue Shahid Hussain Asad, Member IT Raana Ahmed and Chief Tax Policy Dr. Muhammad Iqbal.
The FBR delegation met with Justine Greening, UK’s Secretary of State for International Development (DFID) in a meeting held in the office of the Finance Minister of UK.
It was taken into consideration by Secretary of State that HM Revenue and Customs can offer mentoring and technical assistance to FBR in augmenting its efforts for revenue generation. The finance minister has directed FBR to formulate a way forward in this regard.
The areas which were considered where HM Revenue and Customs can provide mentoring and assistance to FBR are mainly risk based selection and processing of cases for tax audit, extension of value added tax to retail stage, proper valuation at import stage and checks to ensure proper declarations and to prevent revenue leakages to explore the nature and extension of cooperation with HM Revenue and Customs.
HM Revenue and Customs has agreed to provide input and guidance on all the issues mentioned by the officials.
