ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh announced on Friday that the Federal Board of Revenue (FBR) took two major decisions for ensuring transparency in the tax system and 10,000 audits this year, ARY News reported.
Abdul Hafeez Shaikh, while addressing a ceremony of releasing tax directory, said that FBR wants to devise a transparent taxation system through stepping forward to an automatic system for tax payments.
“Tax payment system is being automatised from today and all related processes are being computerised 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.
Read: FBR releases tax directory of parliamentarians for year 2018-19
“10,000 audits will be conducted this year which is below 1 per cent as some people are removed from the process. 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 finance adviser said that the refund process 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.”
Read: FBR launches mobile app for filing income tax returns
Abdul Hafeez Shaikh detailed that the tax refund worth up to Rs100,000 has been cleared from 2013 till date so far, whereas, refunds worth up to Rs10 million will be made in the upcoming phase. A total of Rs28 billion will be spent on tax refunds by the government, he added.
He said that committees have been constituted for resolving complaints against the Federal Board of Revenue (FBR). Shaikh said that the exports and business activities were increased in Pakistan despite the spread of coronavirus pandemic.
FBR Chairman Muhammad Javed Ghani said that the institution is issuing tax audit and tax directory in accordance with the regulations. He said that tax auditing system was improved in line with the reforms introduced by the government.
FBR has spotted non-compliance taxpayers in order to make the taxation system more transparent and easy, added the chairman. Ghani announced that tax directory was also released which will contain taxpaying records of parliamentarians and prominent individuals.
The post FBR takes major decisions for tax system, audit: Hafeez Shaikh appeared first on ARY NEWS.
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