The newly-established Large Taxpayers Unit (LTU)-II has started tax assessment of the directors of multinational companies and other big shots to meet its unprecedented revenue target for last quarter of current fiscal year; it was learnt here on Wednesday.
According to sources, the Federal Board of Revenue (FBR) has put excessive pressure on the newly-established LTU-II by increasing its revenue target to over 350 percent within a month.
They said that LTU-II had started operations from February 1, 2016 and the board at that time had fixed Rs 1.5 billion as its revenue target for last quarter of current fiscal year.
However, the target of LTU-II has been revised to Rs 7 billion within a month, depicting over 350 percent unprecedented increase that forced the unit to initiate tax assessment exercise on bigger scale.
Sources said that LTU-II had started its functioning with 562 cases, which had been selected on the basis of their Rs 400 million turnover or Rs 20 million tax payments and tax assessment of directors of large taxpayers companies were also come in the its ambit.
Moreover, sources said that LTU-II had started tax assessment of the directors of multinational companies and other big shots to meet its unprecedented revenue target for last quarter of current fiscal year.
When contacted official sources in LTU-II on condition of anonymity confirmed to have started tax assessment exercise, saying that notices had been prepared but they were unable to dispatch majority of them, following the barcode requirement.
They said that several times the department was unable to get the barcodes due to internet issues.
Keeping this in view, the official sources said that they had proposed the FBR to withdraw the barcode requirement, which was imposed to avoid harassment of taxmen, only for LTU-II, adding that they were also seeking special powers to squeeze the neck of big shots in case of any discrepancies found in their tax returns.
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