Advisor to Prime Minister on Finance Shaukat Tarin has directed the Federal Board of Revenue (FBR) to make serious efforts for meeting the revenue target of current fiscal (2008-2009). Sources told Business Recorder Saturday that the Advisor to the Prime Minister on Finance recently visited the FBR for obtaining input on revenue collection during current fiscal and implementation of reforms.
The latest figures on sales tax and income tax collection during the period under review were also discussed. During a presentation on the performance of taxes, Tarin directed the tax authorities to take appropriate steps for meeting the shortfall in revenue collection during 2008-2009. He directed the department to focus on effective audit and enforcement strategy for improving revenue collection. The audits should be done as per audit plan and schedule devised by the FBR.
Sources said that the meeting also discussed the issue of income tax demands being created under relevant provisions of the Income Tax Ordinance 2001. The recovery of arrears; assessments and income tax demands were also discussed in detail during the meeting. The board has decided to chalk out a comprehensive plan for recovery of arrears.
The FBR has also informed the Advisor that the tax machinery is also focusing on withholding tax (WHT) collection from potential areas. In this regard, WHT recovery from withholding agents particularly banks and other deductions/supplies is under process as per relevant rules and regulations.
The board has decided that the overall monitoring of the withholding agents would be strengthened for compliance in the field formations. The close monitoring of key withholding agents would be done by the Directorate General of WHT. The concept of system audits of WHT agents would be introduced under the plan for speedy audit of such agents, sources added.
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