FBR urged to ensure safety of financial record of taxpayers

President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has urged the Federal Board of Revenue(FBR ) to ensure safety of the financial record, given to them for tax compliance of tax payers . He was commenting on news reported by different channels that employees of FBR have been arrested over suspicion of facilitating terror networks.
He said that weak security system is apprehended to be used by different terror outfits for the identification of easy targets for ransom. Mian Zahid Hussain said that business community is very much concerned of illegal elements, penetrated in tax office and can misuse their official position.
He pleads the FBR to ensure the protection of financial data , unrestrained access to these data will make business community fully exposed to terror networks and exaggerate their problems to manifolds. Without prerequisites, the FBR should not grant access to any employee. Without prior security check granting access is neither fair nor justified, he added.
After recent changes in law, the FBR has acquired copious rights and now entitled to access any data of taxpayers ranging from personal, banking account and sales and purchase transactions. This enhancement was considered to escalate the government revenue and promoting growth but this arrest from tax office created fears among business community over its consequences, he said.
Apart from unregistered cases, around 14,437 kidnapping cases were reported last year in Punjab alone, in which 95 kidnappings were intended for ransom, he added. He said that curbing terror financing will help Pakistan rapidly break the neck of terrorist groups. In 2015, Taliban alone spent approximately US $560 million in which US $400million availed through drug trafficking, Hezbollah spent US $500million in which major portion comes from ransom, drug trafficking, other illegal activities while 60% of Daesh revenue comes from kidnapping and ransom apart from other sources ie oil & gas smuggling and extortions from local population. Increasing reporting requirements are important to make effective decisions but the FBR should maintain utmost secrecy and safety of data gathered, he said. Business community appreciates MoU for joint effort fighting terrorism with Sri Lanka during a recent visit of the PM.