FBR launches online module in Iris to promote investment in Green Field Industry

Federal Board of Revenue has launched an online module in Iris for the purpose of facilitating the filing of applications for the grant of Green Field Industry status. The decision has been motivated by the need to promote investment in the Green Field Industry.

The online module will make it easier for interested individuals to invest in the industry. In this regard, two separate applications have been launched under the Income Tax Ordinance, 2001 and Sales Tax Act, 1990.

FBR emphasized that faceless compliance and facilitation through the use of ICT tools is a priority agenda of organizations as per the vision of the present government. The Board is moving swiftly in order to ensure this agenda gets accomplished.

“FBR is moving fast to accomplish this vision as a leader in developing and launching such faceless compliance tools for the facilitation of the taxpayers,” FBR said in a statement.

Moreover, the FBR has amended Sales Tax Rules, 2006 to issue a detailed procedure for e-audit. Under the new procedure, where a case has been selected under Section 25 or Section 72B of the Sales Tax Act, as the case may be, and the competent authority issues directions to conduct e-audit, the laid down procedure shall be adopted.

The concerned commissioner Inland Revenue shall serve a notice to the registered person specifying the reasons for selection of his case for audit.