LAHORE: Federal Board of Revenue’s revenue collection up to the month of February has registered 17 per cent increase compared to last fiscal year and it should reach the tax collection target of Rs 2,475 billion for the fiscal year 2013-14.
FBR Official Spokesperson Shahid Hussain Assad said this while attending a ceremony at Multan Tax Bar. He said that there were 3.5 million people who had national tax numbers (NTN). However, less than a third of them submit returns. That is why the Prime Minister has introduced incentive scheme to encourage people to file tax returns. Last date for availing this scheme has been extended so that the people avail the schemes apprehending that in case of lower than expected response, stricter procedures like tougher audit may become a last resort for the government to increase national tax base and enhance revenue.
Shahid Assad who is also Member Inland Revenue said that majority of the SROs providing amnesty would be withdrawn during three years except those that are binding under Preferential Trade Agreements (PTAs) wherein the government was a sovereign guarantor.
Assad said that an expanded tax base would largely benefit the industry and trade as it will provide space to the government to reduce sales tax. FBR has obtained data regarding investment in property in big cities like Lahore and Karachi and notices were being issued to the investors to pay taxes, he added.
Earlier, while addressing Multan Tax Bar Association, FBR Spokesperson emphasised that SRO 1065 was a facility that must be availed. He disclosed that FBR would hold a meeting on Mar 10 with representatives of tax bar associations to discuss pending audit cases.
Multan Tax Bar Association President Khalid Assad and members expressed some apprehensions regarding the SRO and underlined the need for simplifying the tax assessment and collection system.