ISLAMABAD: The Federal Board of Revenue (FBR) has shown concern over massive misuse of withholding tax exemption certificates at import stage during the ongoing fiscal year (2016-17).
During the Chief Commissioners’ conference held at the FBR House, the high-ups of revenue authority also expressed concern that how field formations have issued inadmissible tax exemption certificates at import stage without following due process of law.
It has been decided during the conference to immediately take measures to cancel inadmissible certificates through verification exercise and ensure preventive measures to avoid such issuance of certificates in future.
The FBR has also directed the Chief Commissioner to explain reason behind low impact of budgetary measures taken in 2016-17. Despite taxation measures taken in last budget, the FBR has suffered revenue shortfall of over Rs 140b in first half of 2016-17.