The Medium Taxpayers Unit (MTU) Karachi has formulated a comprehensive strategy to train registrars for the collection of capital value tax (CVT) on modern lines. Sources told Business Recorder on Thursday that the Unit would train the registrars about the online collection.
In this regard the Unit would provide computers to registrars which would be linked with the Unit's main server. Sources said that initially about 12 registrars out of 24 would be given training of computerised CVT collection. Sources said that the Central Board of Revenue wanted to promote paperless environment in the revenue department to minimise errors and save time.
The MTU Karachi had kicked-off its pilot project for the collection of CVT on properties, vehicles and share transfers. The project which initially started with CVT on properties would bring down property rates in the country particularly in Karachi, where in the last three years the rates have been shot up to 300 percent, sources said.
In order to expedite the project, sources said that several meetings had taken place with Sindh finance department, Defence Housing Authority (DHA) and other corporate societies. Sources said that during the meetings with the tax officials the concerned parties including DHA assured that they would co-operate with the revenue department and would submit the monthly statements with the Karachi MTU.
Sources said that if the monthly statements were not submitted within given timeframe then the MTU Karachi would serve notices to the concerned parties.
Sources said that in pursuance of Central Board of Revenue (CBR) directive to the regional commissioners of income tax (RCITs) to give comments for effective enforcement of SRO 669(I)/2006, ie filing of monthly statement on property transfer, the MTU Karachi has embarked the programme for the quick response.
Sources said that online submission of transfer registration was available and the method now even more simplified that no taxpayer would face any complications.