Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance announced that the Federal Board of Revenue (FBR) took 2 major decisions for ensuring transparency in the tax system and 10,000 audits this year.
While addressing a ceremony of releasing tax directory, The SAPM said that Federal Board of Revenue wants to devise a transparent taxation system through stepping forward to an automatic system for tax payments.
Abdul Hafeez Shaikh said that “Tax payment system is being automatised from today and all related processes are being computerized as well. We do not want unnecessary audit [of taxpayers].
In past, many audits had been initiated that are still pending to be concluded. 14,000 audits had been conducted last year. However, the last year’s audits were not completed, Hafeez Shaikh added
“10,000 audits will be conducted this year which is below 1% as some people are removed from the process” He said
The SAPM on Finance further said that the basis point for making these changes is making a transparent system. We will try to carry out less audit and its timely completion. On the other hand, we are also making efforts to cut down business expenditures.”
The refund process of FBR will be expedited as the government returned Rs240 billion by the end of the last year. “We have introduced a policy for creating ease to the business community and this year’s refund will be made without any pause and bribery.” Hafeez Shaikh said
The tax refund worth up to Rs.100,000 has been cleared from 2013 till date so far, whereas, refunds worth up to Rs.10 million will be made in the upcoming phase.
A total of Rs.28 billion will be spent on tax refunds by the government, Abdul Hafeez Shaikh provided detaile
Muhammad Javed Ghani, FBR Chairman said that the institution is issuing tax audit and tax directory in accordance with the regulations.
FBR Chairman said that tax auditing system was improved in line with the reforms introduced by the government.
The Federal Board of Revenue has spotted non-compliance taxpayers in order to make the taxation system more transparent and easy, added the chairman. He announced that tax directory was also released which will contain taxpaying records of parliamentarians and prominent individuals.
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