The tax collection authority, Federal Board of Revenue (FBR) has put a proposal to make an automated system for facilitation of raw materials import for the industries.
The proposed system will be based on an automated risk-reduction mechanism to decrease the processing time and eliminate any unnecessary delays in the issuance of exemptions certificates for the industries.
Under the proposed system, public/private limited companies will provide checklist-17 information online to get processed by the system.
As per the proposed system, Income tax commissioner will be required to issue exemption certificate within seven days for a public limited company and 10 days of the filing of an application for a private company. For other entities/persons, exemptions will be issued within 15 days of the filing of the application.
A positive point noted in the proposed system is that Exemption Certificate will automatically be issued to the Companies if the stipulate period 0f 7/10 days have lapsed and no reservations highlighted by the Income Tax Commissioner.