LAHORE: The Punjab Revenue Authority (PRA) has said that a delegation from PRA attended a meeting at the Federal Board of Revenue (FBR) Headquarters on Wednesday. The FBR officials invited the PRA to discuss matters pertaining to cross-adjustment and reconciliation of the federal and provincial sales tax.
The meeting came in the backdrop of a previous meeting held between the federal finance minister and a provincial delegation on Monday wherein it had been decided that a meeting would be held with Sindh Revenue Board (SRB) on Aug 24, 2016 to discuss and decide the parameters for cross-adjustment and reconciliation of the federal and provincial sales tax in accordance with an MOU signed on March 13, 2014.
FBR and PRA were periodically required to work out and settle their revenue accounts arising due to cross input tax adjustments. The spokesperson pointed out that since April 2015, PRA has undertaken several meetings with respect to cross-adjustment and reconciliation of inputs. FBR had previously agreed to pay an amount of Rs6.28 billion to PRA on account of cross-adjustments till April 2015. Lately, FBR and SRB have been holding negotiations with each other on the issue of cross-adjustments between the two entities.
