The Central Board of Revenue (CBR) will start reconciliation of companies, having National Tax Number (NTN), with the Securities and Exchange Commission of Pakistan (SECP) database to identify the companies operating without tax number.
The CBR has decided to ensure, at the Commissioners of Income Tax Conference here on Saturday, the issuance of NTN to all companies registered with SECP.
The exercise would help the income tax department to trace all missing companies registered with the Commission, but failed to obtain NTN from the CBR. The CBR has obtained latest data of registered companies from the SECP, which would be discussed during the conference.
When contacted, a tax expert said that it seemed there was lack of co-ordination between the SECP and CBR, as the issue was being discussed for the last many years, but both the sides failed to develop an effective system.
The commissioners of income tax would update the Board about collection of 0.1 percent withholding tax on cash withdrawals of above Rs 25,000 from banks. The CBR will compile the collection figure under this head on the basis of data submitted by the commissioners.
The commissioners conference would also discuss about destruction of old record and payment of income tax refunds to the taxpayers.
The income tax returns received up to October 15, 2005 would be compared with the returns received in the corresponding period last fiscal to carry out analysis.
The conference would also finalise arrangements for data entry of returns for the 'tax year 2005' at the Centralised Data Entry Centre, Islamabad.
The conference will also review the pendency at the Income Tax Appellate Tribunals (ITAT), High Courts and Supreme Court.
The collection from the withholding agents, liquidation of arrears and preparation of industry-wise profiles would also be discussed during the conference.
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