PM expresses confidence over FBR to add 100s of bn of additional revenue

Komal FatimaWeb Editor

20th Feb, 2021. 11:58 am

Prime Minister Imran Khan on Saturday has commended that FBR Field Formations on achieving 7-months revenue targets by undertaking bold tax audit and enforcement, and counter-smuggling measures.

Taking to Twitter, he said that they must continue working with honesty and commitment. He also commended the FBR Head office Team for developing the IT-enabled Transformation Plan and procuring a cutting-edge Track and Trace System.

He also said that once fully functional in July 2021, it would add 100s of billions of additional revenue, curb counterfeiting and help establish a rule of law.

FBR withdraws additional customs duty on imported raw materials

The Federal Board of Revenue (FBR) has withdrawn additional customs duty on the import of some raw materials.

As per the details, additional customs duty has been withdrawn of the import of raw materials of around 174 tariff lines.

Sources said that FBR on Thursday issued SRO 81(I)/2021 dated January 22, 2021, to abolish additional customs duty on import of raw materials of 174 tariff lines. The SRO has been issued to comply with the decision of the Economic Coordination Committee (ECC) meeting held on January 06, 2021.

A summary was presented by the Ministry of Commerce regarding the removal of additional 2 percent customs duty on raw materials on the rules under National Tariff Policy 2019-2024. The summary was approved by the ECC with the direction that the budget cycle must be observed while planning significant incentives for businesses and industries for smooth planning as well as subsequent implementation during the financial year.

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