The Central Board of Revenue (CBR) has asked the taxpayers to ensure filing of income tax returns for the year 2006 by September 30, 2006. In this regard, the Board has issued letters to all taxpayers here on Saturday.
In the letters separately issued to all taxpayers, the CBR has expressed its gratitude for the trust and confidence reposed by the taxpayers on the present taxation policies by making valuable contribution towards achieving the revenue collection targets fixed for all major taxes viz income tax, sales tax, customs and federal excise duties.
The CBR has acknowledged the taxpayers'' confidence in the tax initiatives and measures taken by the government for promotion of business, trade and investment.
The Board was of the view that the success and continuation of the present taxation policies and the self-assessment mode of payment of duties and taxes will mainly depend on taxpayers'' understanding of their rights and obligations to discharge their national and statutory obligations.
Under the self-assessment, the taxpayers will make their own assessment of income and tax payable, make voluntary compliance and submit tax returns properly filled and complete in all respects.
The tax authorities were confident that the taxpayers would respond with the same spirit while filing their tax returns for the tax year 2006. The taxpayers'' continued support will help the government to create a modern, progress, credible and transparent tax administration enhancing the capability of the tax system for optimising revenue by collecting due taxes through application of modern techniques, providing quality service and taxpayers assistance and promoting voluntary compliance with tax laws.
Meanwhile, the net revenue collection stood at Rs 710.829 billion in July-June (2005-2006) against annual target of Rs 690 billion, showing an overall increase of 20.4 percent. The break-up reveals that the direct taxes collection was Rs 221.709 billion; sales tax Rs 293.321 billion; federal excise duty (FED) Rs 57.9 billion and customs duty was Rs 137.8 billion.