The Central Board of Revenue (CBR) has allowed yarn merchants to have their sales tax audit conducted in the premises of their association.
A request to this effect was made by Pakistan Yarn Merchants Association (PYMA) to CBR Chairman Abdullah Yousuf at its annual dinner held here recently.
CBR Member Audit Perwaiz Amjad, in a letter, informed the PYMA Chairman that CBR has no objection to carrying out sales tax audit of the association members in the association's office, provided certain condition are fulfilled.
THE CONDITIONS ARE:
(1) The association provides working conditions/facilities to the auditors.
(2) Books and records are made available at the association's premises, and a responsible officer of the taxpayer is present at the time of audit to assist the auditors.
(3) The auditor, if he feels the need to visit the business premises of the taxpayer, shall be provided such access.
PYMA Central Chairman Khurshid A. Shah thanked the CBR Chairman for prompt action on the association's request and said that the action proved that the present CBR chairman kept his word.
Khurshid expressed the hope that CBR would also announce action on two other requests made by the PYMA to the CBR. Those included reduction of withholding tax on import of filament yarn-from six percent to two percent, and removing anomaly in the import duty on different kinds of polyester yarn, he said.