The Federal Board of Revenue (FBR) will convene a conference of the Directors-General of Large Taxpayer Units (LTUs), Karachi, Lahore and Islamabad to chalk out a comprehensive strategy for improving revenue collection from largest taxpaying units and companies in the remaining period of fiscal year 2008-09.
Sources told Business Recorder on Saturday that the conference would be convened in Islamabad LTU on Monday, November 3, which would be chaired by Member, Direct Taxes, Irfan Nadeem. The LTU DGs would share information on the overall budget position and measures to meet the revenue collection targets in the second half of the year.
DGs of LTUs would also submit information about large taxpaying companies to the Member DT with particular focus on sectoral analysis. The data from major revenue spinners and withholding tax collection would also be discussed in the meeting. During first quarter of 2008-09, LTU Karachi and Lahore LTUs suffered shortfall of Rs 7785 million and Rs 3052 million, respectively. The board had directed the two offices to put in place effective strategies to improve revenue collection. The FBR also asked the LTUs to implement an effective enforcement plan to ensure compliance by the registered units.
The conference would share specific measures needed to improve direct taxes collection in the remaining months of 2008-09. The budget for direct taxes has been fixed at Rs 111 billion in the second quarter (October-December) 2008-09, for which the board is making serious efforts to improve collection.
The one-day conference would also focus on the pending audit cases and overall position of audit including desk-audit of income tax returns filed by the big companies and corporate entities. The conference may take up the issue of audit under section 177 of the Income Tax Ordinance 2001 and latest position of budget at LTUs of Karachi, Lahore and Islamabad.