LAHORE: The Punjab Revenue Authority (PRA) and Federal Board of Revenue (FBR) held another meeting on the invitation of FBR so that matters pertaining to cross-adjustment and reconciliation of the federal and provincial sales tax could be finalised.
The meeting came in the backdrop of a previous meeting held between the Federal Finance Minister Ishaq Dar and provincial delegates held in last week.
Earlier, it had been decided that a meeting would be held with Sindh Revenue Board (SRB) to discuss and decide the parameters for cross-adjustment and reconciliation of the federal and provincial sales tax in accordance with MOU dated 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 PRA pointed out that since April 2015, PRA has undertaken several meetings with respect to cross-adjustment and reconciliation of inputs.
He told that FBR had previously agreed to pay an amount of Rs.6.28 billion to PRA on account of cross-adjustments till April 2015.
