ISLAMABAD: It has been revealed that six telecom companies including Jazz, Ufone, Telenor, Warid and Zong under the jurisdiction of Large Taxpayer Unit Islamabad had declared the huge amounts of withholding taxes in their annual income tax return which was higher than the figure of income tax withheld as shown by their corresponding withholding agents as per data available on the Federal Board of Revenue E-portal.
Sources told Customs Today that the lapse resulted in likely loss of government revenue due to short payment of withholding tax amounting to Rs562.692 million.
Federal Board of Revenue sources told that this transpired that either the tax was short deducted or short deposited in to the government treasury by the taxpayers.
Tax authorities (Large Taxpayers Unit) did not take the notice of this omission and when lapse was pointed out during the last year, the department submitted generic reply without any documentary evidence stating that variation in the figures arose as the income and expenses are taken in the tax return on accrual basis whereas credit of income tax deducted and deposited is being taken on actual basis.
Federal Board of Revenue has directed to the Large Taxpayers Unit to submit the specific reply along with documentary evidence on case-to-case basis and holding of inquiry to fix responsibility against the persons at fault.
