Islamabad: Federal Board of Revenue (FBR) has decided to enforce the return filing of top 1000 corporate non-filers and top 1000 corporate short-filers of sales tax for the period between July 2010 to December 2010 by April 15, says a press release issued here.
This was decided at a meeting of FBR’s Board-in-Council convened under the directive of Finance Minister Dr. Abdul Hafeez Sheikh.
The Board has also decided to enforce compliance in corporate income tax returns where out of 44,794 registered corporate taxpayers, only 18,098 have filed their returns so far for the fiscal year 2010. A similar compliance would be also be ensured in the case of Association of Persons (AoPs) where out of registered 135,292 AoPs, only 34,155 have filed their returns. The enforcement drive would be completed by May 30, 2011.
The meeting decided to start desk audit of corporate returns to be completed by February 28, 2011 as well as risk-based audit of the corporate sector to be completed by April 30, 2011. The demand raised as a result of these audits will be collected by June 30, 2011.
This Board-in-Council also decided to start monitoring of withholding agents with airline ticketing agents and banks being the first sectors to come under monitoring radar. The monitoring exercise would continue up to April 15, 2011.
The meeting further decided to utilise and cross-match data available with FBR in order to broaden the tax base. The decision was taken in the light of recommendations given by DG Broadening of Tax and DG Strategic Planning & Research in separate presentations to the Board-in-Council.
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