The Inter-Provincial Coordination Committee (IPCC) has directed all four provinces to cooperate with the Central Board of Revenue (CBR) for collection and enforcement of capital value tax on buying and selling of immovable properties.
Sources told Business Recorder on Wednesday that CBR is co-ordinating with provincial governments for proper collection of the levy. The Board would review CVT collection on property transactions with the provinces in the coming conference to be attended by Directors General, Regional Commissioners/Commissioners of Income Tax/Commissioners of Income Tax (Appeals) on January 24, 2007.
The Commissioners would present complete data on the number of CVT collecting agents; monthly statements of property required to be filed; monthly statements received; defaulters to whom show-cause notices were issued and cases in which penalty was imposed along with amount involved.
About the position of income tax returns, sources said that the commissioners would share information about the number of non-filers; cases where notices were issued to non-filers; and cases where action was taken against the defaulters and details of action taken.
The conference will also review the progress of data entry of income tax returns including salary returns and statements of employers. It would also review entry of corporate returns for tax year 2006.
The reconciliation of Monthly Progress Report (MPR) of field formations with CBR Master Index. The reasons of difference in the data would be submitted by the tax officials.
Sources said that the target agreed with the Prime Minister on broadening the tax base for July-December 2006-07 would be discussed in the meeting. The Board has met the targets of revenue collection and 20 percent increase in the number of new taxpayers during the first six months of the current fiscal year.
For withholding taxes, the CBR will analyse the number of withholding tax agents; monthly/annual statements required to be filed; defaulters of withholding statements; cases in which show-cause notices have been issued for default and number of cases where penalties imposed during July-June 2005-June, 2006 and July-December 2006.
The status of e-filing of withholding tax statements and amount of penalty levied and efforts made for effective monitoring of withholding tax agents would also come under discussion. The Board would examine the wealth statements received and action taken in cases where discrepancies were noted.
The enforcement of statements from presumptive taxpayers, including importers/suppliers/contractors and exporters, etc, would be discussed in the meeting. Other items on the agenda include progress on tax profiling; compliance of audit paras and implementation of MPR on new proforma.
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