AGL 37.65 Increased By ▲ 0.08 (0.21%)
AIRLINK 132.15 Decreased By ▼ -0.35 (-0.26%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.81 Increased By ▲ 0.04 (1.06%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 88.60 Decreased By ▼ -1.56 (-1.73%)
FCCL 35.34 Increased By ▲ 0.26 (0.74%)
FFBL 66.32 Decreased By ▼ -0.18 (-0.27%)
FFL 10.36 Increased By ▲ 0.21 (2.07%)
HUBC 108.83 Increased By ▲ 2.43 (2.28%)
HUMNL 14.25 Increased By ▲ 0.85 (6.34%)
KEL 4.82 Decreased By ▼ -0.04 (-0.82%)
KOSM 7.02 Increased By ▲ 0.17 (2.48%)
MLCF 42.17 Increased By ▲ 0.37 (0.89%)
NBP 59.70 Increased By ▲ 1.12 (1.91%)
OGDC 185.25 Increased By ▲ 4.00 (2.21%)
PAEL 25.55 Decreased By ▼ -0.15 (-0.58%)
PIBTL 5.86 Increased By ▲ 0.03 (0.51%)
PPL 148.35 Decreased By ▼ -0.05 (-0.03%)
PRL 23.15 Decreased By ▼ -0.07 (-0.3%)
PTC 16.61 Increased By ▲ 1.37 (8.99%)
SEARL 68.20 Decreased By ▼ -0.59 (-0.86%)
TELE 7.30 Increased By ▲ 0.06 (0.83%)
TOMCL 35.70 Decreased By ▼ -0.30 (-0.83%)
TPLP 7.52 Increased By ▲ 0.12 (1.62%)
TREET 14.24 No Change ▼ 0.00 (0%)
TRG 51.10 Increased By ▲ 0.25 (0.49%)
UNITY 26.49 Increased By ▲ 0.09 (0.34%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,779 Increased By 11.4 (0.12%)
BR30 29,788 Increased By 387.9 (1.32%)
KSE100 92,102 Increased By 163.9 (0.18%)
KSE30 28,722 Decreased By -21.3 (-0.07%)

The Public Accounts Committee (PAC) has shown its displeasure over slow progress by Federal Board of Revenue in deciding various cases of direct and indirect taxes pending for last 12 years. The meeting of sub-committee of PAC held here on Tuesday under convener ship of Syed Naveed Qamar that examined the FBR audit report for year 2003-04.
Convener committee said the country is facing three major problems - law and order situation, load-shedding and revenue collection. He pointed out that the audit held only 10 percent of total volume of FBR record, which reflected huge loss of revenue. No efforts were made for recovery of amount from defaulters, the audit pointed out, he said, adding that the FBR must show some seriousness in recovery of government amount.
FBR Chairman Tariq Bajwa informed the committee that the board has to collect Rs 3,100 billion tax in current year besides facing the parliamentary committees regularly.
Naveed asked if he would be exempted from attending the parliament than how much time is needed to recover the amount pointed out in the audit report. Chairman FBR claimed that he will show significant progress in complying with the PAC directives. In 2003-04 audit report (indirect taxes), it has been pointed out that by not taking timely action in 589 illustrated cases by FBR non-recovery of government dues amounting to Rs 2.2 billion for a period of more than 5 years in respect of Collectorates of Sales Tax and Federal Excise Rawalpindi, Peshawar and Karachi has been witnessed.
Chairman FBR, however, clarified that out of total only Rs 583 million has to be recovered. The FBR withdrew an SRO for cement sector under which Rs 942 million was recoverable amount and another SRO of Rs 2.6 million tax on tobacco sector was also withdrawn. The committee found the recovery situation and figures highly un-satisfactory and sought comprehensive detail of recovery in two months.
During the course of audit of selected cases, audit report (direct taxes) 2003-04 pointed out that in 42 cases inadmissible expenses were allowed by the assessing officers. This resulted in under-assessment of income involving short levy of tax of Rs 359.194 million. Chairman FBR informed the committee that 31 cases need to be pursued. An estimated Rs 79 million was recovered.
Convener Committee showed its dissatisfaction and questioned the performance of the FBR. He said for last 12 years it has been pending and no significant progress has been made by FBR. Member Policy (FBR) admitted that the recovery in this case required only three months. The committee directed to recover and write off the recoverable amount in two months. The sub-committee also deferred rest of the agenda related to recovery of hefty amount from defaulters.

Copyright Business Recorder, 2015

Comments

Comments are closed.