20:07
Unknown
ISLAMABAD: The Federal Board of Revenue (FBR) has enhanced the monitoring of sales tax refunds after realising massive discrepancies in input tax adjustments, said sources.
Ali Arshad Hakeem, chairman of the revenue body, has instructed the FBR officials to remain extra vigilant in issuing refund claims on the basis of fake input adjustments, said sources.
Some influentials within the FBR made efforts to devolve input adjustments and refunds to the commissionerate level but senior officials expressed concern over certain deals and felt that it would bring a bad name to the top hierarchy in the tax machinery. In a recent decision, the FBR blacklisted 62 units in the jurisdiction of Regional Taxpayer Office (RTO-1) Karachi and in some instances refunds of some units were rolled back, said sources.
According to the FBR chairman’s estimates, fake input adjustments cause Rs400 billion per annum loss to the national exchequer, while some other officials put the figure at Rs200 billion per annum.
The FBR’s Intelligence and Investigation Wing of Inland Revenue has issued red alerts mentioning that around Rs2 billion have been fraudulently claimed during the last six months.
Interestingly, FBR’s former chief commissioner Yasin Saud verified the claims of the Intelligence and Investigation Wing of IR regarding blacklisted units.
Against issuance of red alerts, some petitioners approached the Sindh High Court (SHC) to delay the issue.
The FBR officials said that they are waiting for the directives of the court on the issue. They believed that there is a need to put in place a mechanism to avoid any mega scam at this point of time, said sources.
The FBR has finalised risk parameters to check inflated input tax adjustments, said sources, adding that in case of imported goods, it would be seen whether the customs data has supported the declarations made in the sales tax returns.
Through risk management system, the revenue body will search the discrepancies in the sales tax returns, they said. The system will generate an electronic discrepancy report and the same would be electronically communicated to the taxpayers to correct their declarations.
The entire system of the risk management system would operate under the supervision of the FBR Member Inland Revenue, the Large Taxpayer Units and Regional Tax Offices, said sources.
The FBR has carved out various mechanisms to monitor discrepancies in the sales tax returns pertaining to input tax adjustments.
Ali Arshad Hakeem, chairman of the revenue body, has instructed the FBR officials to remain extra vigilant in issuing refund claims on the basis of fake input adjustments, said sources.
Some influentials within the FBR made efforts to devolve input adjustments and refunds to the commissionerate level but senior officials expressed concern over certain deals and felt that it would bring a bad name to the top hierarchy in the tax machinery. In a recent decision, the FBR blacklisted 62 units in the jurisdiction of Regional Taxpayer Office (RTO-1) Karachi and in some instances refunds of some units were rolled back, said sources.
According to the FBR chairman’s estimates, fake input adjustments cause Rs400 billion per annum loss to the national exchequer, while some other officials put the figure at Rs200 billion per annum.
The FBR’s Intelligence and Investigation Wing of Inland Revenue has issued red alerts mentioning that around Rs2 billion have been fraudulently claimed during the last six months.
Interestingly, FBR’s former chief commissioner Yasin Saud verified the claims of the Intelligence and Investigation Wing of IR regarding blacklisted units.
Against issuance of red alerts, some petitioners approached the Sindh High Court (SHC) to delay the issue.
The FBR officials said that they are waiting for the directives of the court on the issue. They believed that there is a need to put in place a mechanism to avoid any mega scam at this point of time, said sources.
The FBR has finalised risk parameters to check inflated input tax adjustments, said sources, adding that in case of imported goods, it would be seen whether the customs data has supported the declarations made in the sales tax returns.
Through risk management system, the revenue body will search the discrepancies in the sales tax returns, they said. The system will generate an electronic discrepancy report and the same would be electronically communicated to the taxpayers to correct their declarations.
The entire system of the risk management system would operate under the supervision of the FBR Member Inland Revenue, the Large Taxpayer Units and Regional Tax Offices, said sources.
The FBR has carved out various mechanisms to monitor discrepancies in the sales tax returns pertaining to input tax adjustments.
Posted in: Business news
0 comments:
Post a Comment