Public Accounts Committee (PAC) has expressed its utter displeasure to Managing Director Overseas Pakistanis Foundation (OPF) on concealing the actual amount in its books from the Federal Board of Revenue (FBR). While examining the audit accounts of the OPF for year 2010-11, the committee was also informed that the foundation had to face huge deficit of Rs 620.70 million in 2012-13. Syed Khurshid Shah chaired the meeting.
Defending the OPF position, Managing Director, Habib Ur Rehman Khan said the OPF earned a profit of Rs 700 million in the corresponding period. However, he said that the foundation did not include the non-taxable amount in the accounting book under the impression that tax might not be deducted. These accounts are welfare account and exempted from the taxes.
Member Committee, Dr Azra Fazal Pechuho said the OPF must show all the amount in their books otherwise it is tantamount to misappropriation of accounts. The Director General Commercial Audit pointed out that annual accounts of the OPF were not submitted to audit in time as they are waiting for the accounts for years 2008-09 and 2009-10.
Secretary Khizar Hayat Khan, Overseas Pakistanis and Human Resource Development informed the committee that the accounts got delayed due to non appointment of auditors. However, the chartered accountant auditor has been appointed and they are carrying audit for the year 2013-14.
The MD OPF also failed to respond to the non-adjustment of Rs 11.70 million which was granted as mobilisation advance to contractors in 2011-12. The committee deferred the audit para with directive to bring the detail. The committee also expressed its dissatisfaction over progress being made by the OPF in completion of housing schemes, some of which have been pending for over 26 year but not yet completed.
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