ISLAMABAD: With a view to boosting revenue collection from corporate sector, Federal Board of Revenue (FBR) Chairman Tariq Bajwa directed completion of desk audit of corporate sector by February 28.
As per details, the FBR chairman, during his recent visit to large taxpayers unit (LTU) Karachi not only inspected the performance of the LTU but also took some decisions to improve collection from the Karachi-based corporate sector. He directed that it was imperative that sectoral analysis be carried out of all major revenue-generating sectors such as banking, oil and gas, cement, sugar, automobile, textile etc.
He asserted that the exercise would not only result in bench marking of each sector but would also help compare the performance of major taxpayers viz-a-viz their respective sectors. On the occasion, the FBR chairman directed the LTU Karachi Chief Commissioner that sectoral analysis be completed forthwith as reports generated would be reviewed during the next meeting and behavior of the top twenty revenue spinners of Income Tax, Sales Tax and Federal Excise being assessed in respective zones be analyzed.
Tariq Bajwa also directed that a comprehensive exercise on forecast of payment in advance tax by the banks for the period January 2014 to June 2014 should be carried out which, he said, would help project the collection to be made from the banking sector at LTU Karachi during the remaining two quarters of the current financial year.
