recorder report

ISLAMABAD: After excluding salaried class from audit exercise, the Federal Board of Revenue (FBR) Thursday selected 44,868 cases of income tax, sales tax and federal excise duty for audit through computer balloting on the basis of certain parameters.

At the FBR House, computer ballot was conducted in respect of six categories, ie, corporate cases of Income Tax, Sales Tax and FED & Non-corporate case of Income Tax, Sales Tax and FED. Resultantly the cases were selected for audit for Tax Year 2016. The cases have been selected for audit in respect of six categories are detailed as under: Income Tax (Corporate) 1,499; Income Tax (Non-Corporate) 34,515; Sales Tax (Corporate) 1,274; Sales Tax (Non-Corporate) 7,532; Federal Excise Duty (Corporate) 28 and Federal Excise Duty (non-Corporate) 20 cases.

National Tax Numbers/CNIC of cases selected for audit would shortly be displayed on the official website of FBR. The Audit Policy 2017 for Tax Year 2016 has been placed on the official website of the FBR.

The government is also considering amending section 214D (automatic selection for audit) of Income Tax law to implement a comprehensive risk-based audit in the upcoming budget.

Addressing the launching of audit exercise through computerized balloting here at the FBR headquarters on Thursday, Prime Minister’s Advisor on Revenues Haroon Akhtar Khan said that the amnesty scheme is not meant to benefit any individual or specific personality but it aims to protect our larger interest of the country. Help us to make this scheme successful by injecting $5 to $10 billion into the national kitty. Our economy can take off by tackling the challenge of current account deficit, he added.

Talking to reporters at end of ceremony, queries were raised whether the international donor agencies had opposed the amnesty scheme, he responded that the IMF had given statement in the broader context. If amnesty scheme can become successful in Indonesia, India, Malaysia and other countries then why it should not be tested here in Pakistan.

He said that Pakistan’s sole problem was management of current account deficit and the IMF had provided $6 billion in last bailout package and if the country attracted $5 to $10 billion then Pakistan was poised to take off at economic front because all other macroeconomic indicators were performing well.

He said that the government excluded salaries class where dependent upon sole income of drawing salary, holding of audit once in three years and excluding presumptive taxes from the audit exercise.

Earlier in his address, he said that the government took all kind of steps to facilitate taxpayers and now time of paying back had arrived. “For God sake I request all businessmen to pay their taxes after announcement of amnesty on offshore foreign assets and domestic assets and reducing income tax rates significantly,” he added. After paying debt servicing and defense, nothing has been left into national kitty and the government will have to borrow to construct roads, bridges, airports and other infrastructure in order to develop the country, he maintained.