The Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) would chalk out a new plan to achieve the budgetary target for third quarter (January-March) 2011-12 to meet the annual tax projections of Rs 1952 billion by the end of current fiscal year.
Sources told Business Recorder here on Tuesday that the FBR has met the revenue collection target of Rs 840.7 billion during July-December (2011-12). The monthly target of Rs 201.7 billion has also been met for December 2011. Now, a strategy would be evolved to meet the tax projections for third quarter.
It would include new enforcement and administrative measures for increasing revenue collection during 2011-12. The plan to achieve the budget targets for January, February and March 2012 would be finalised by the Chief Commissioners of the LTUs/RTOs under the guidance of FBR Member Inland Revenue.
The 8th Chief Commissioner conference, to be convened on January 7, 2012, would also take up the issue of illegal input tax adjustments, claimed by fraudulent units. FBR Member Taxpayer Unit would give briefing on latest recovery position on illegal sales tax adjustments. The progress on the broadening the tax base would be given by the Directorate General Intelligence and Investigation Inland Revenue FBR. FBR Member Legal would give an overview on court cases and recovery position in major cases.
FBR Member Taxpayer Unit would also give a presentation on the latest position of the ISAF/Nato containers case. Sources said that the Chief Commissioners of the LTUs/RTOs would give latest position of collection out of arrears demand and collection out of current demand. The conference would review progress on the audit of withholding agents, particularly performance and future plan.
The FBR would also share the strategy to conduct desk audit of the corporate taxpayers. The FBR will start desk audit of all corporate returns after expiry of the date of the filing of returns by the corporate sector on December 31, 2011. In the Large Taxpayer Units (LTUs), the desk audit of all corporate returns has been carried out and in case of Regional Tax Offices (RTOs), the desk audit of 5-10 percent of individuals and Associations of Persons (AOPs) would be conducted. Under the Centralised Audit System, the audit is being conducted on the basis of risk-based parameters under the Universal Self-Assessment Scheme (USAS).
Progress and future strategy for enforcement of returns by NTN holders would also be finalised by the Board. The FBR will take action against non-filers of income tax returns, particularly nearly 1.6 million NTN holders, for tax year 2011 from January 2012. Out of 3.2 million NTN holders, around 50 percent are non-filers of returns, and action would also be taken against these non-filer NTN holders.
Thus, nearly 1.6 million NTN holders have failed to file their returns for the tax year 2011. Progress on liquidation of sales tax refunds up to Rs 100,00 up to December 2011 and strategy to liquidate the balance returns by January 31, 2012 would also be finalised during the conference, sources added.