Regional Chief Commissioner Inland Revenue, Federal Board of Revenue, Khawar Saeed Akhtar has asked the Hyderabad Chamber of Commerce and industry to provide the list of tax payers whose refunds are due so that their refunds could be cleared. He said this while addressing traders and industrialists at HCCI here on Wednesday. He was accompanied with Farooq, commissioner IP division.
He informed the business community that audit was a part of universal tax assessment scheme and if audit was separated from it, the scheme by itself could come to end. He said that audit does not mean the lack of trust in businessmen but audit cases are selected under IRS system of computerised and this system is prevalent in the whole world.
However, he assured that audit system will be made easy. He asked officers to reactivate regional tax facilitation committee and its meeting be called in a month so as to resolve the problems of business community. Talking about withholding tax, he said that due to reduction in income tax recovery the rate of withholding tax had been increased.
Earlier, Senior Vice President HCCI Turab Ali Khwaja welcomed the guests and said that the HCCI and regional tax office had been in contacts with each other for long. He said the business community of Hyderabad paid tax more than target. He suggested that those who have cars, bungalows and going on foreign tours be brought to tax net. Abdul Qayoom Nusrat said the traders were continuing their business in situation of worsening law and order and atmosphere of fear.