*-*-* Cross-adjustment of ST: FBR, SRB and PRA ink MoUs *-*-* The Federal Board of Revenue (FBR), Sindh Revenue Board (SRB) and Punjab Revenue Authority (PRA) Thursday signed Memorandum of Understandings (MoUs) on the cross-adjustment of sales tax on goods and services levied by the federal and provincial governments. A signing ceremony was held at the FBR House here on Friday in the presence of Finance Minister Ishaq Dar. The MoUs were signed by Chairman FBR Tariq Bajwa, Chairperson Punjab Revenue Authority Iftikhar Qutab and Chairman Sindh Revenue Board Tashfeen Khalid Niaz. With the signing of these MoUs, a long outstanding issue regarding cross-adjustment of sales tax on goods and services levied by the Federal and Provincial Governments has been resolved. Chairman FBR signed the MoU regarding adjustment of sales tax on services against sales tax on supplied goods with Sindh Revenue Board and Punjab Revenue Authority. When contacted, Arshad Shehzad, a prominent sales tax expert explained that a prolonged dispute over inter-federal/provincial input tax adjustment has now been settled amicably after mutual understanding and signing of MoU between the Federal Board of Revenue and respective sales tax collecting authorities of provincial government. Courtesy: Business Recorder Vanquo - Turning Vision into Value..
Posted on: Fri, 14 Mar 2014 12:46:13 +0000
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