KARACHI: Chief Commissioner Inland Revenue Large Taxpayers Unit Ayaz Mahmood has said that all the importers and the stakeholder must play their role in development of the country and it will be only possible if all of them pay taxes according to the law and on time.
The Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) organized the annual pre-budget seminar at a local hotel.
Chief Commissioner Ayaz Mahmood,hile addressing to the gathering, said that tax evasion is a major crime and before tax evasion the people must understand that they are committing a crime that is a big hurdle in the prosperity of the country.
He said that the Federal Board of Revenue (FBR) is doing efforts day and night to enhance tax net the traders must submit their reservations to the authorities concern in case of any complaint.
Chief Commissioner Inland Revenue Large Taxpayers Unit said that the all the importers and the stakeholder must play their part in the development of the country and it will be only possible if all of us pay taxes. A presentation on the direct tax and indirect tax was also presented in the seminar
In the seminar after an engaging panel discussion a detailed question answer session was also held when the participants requested the FBR that refunds are sometimes issued on fake and flying invoices whereas genuine / honest taxpayer suffers due to delaying tactics.
Therefore, the Federal Board of Revenue should publish on quarterly basis, a list of persons to whom refunds were released and the date when such refund was applied. This would be a right step towards transparency and will act as a deterrent to corrupt people / practices. List of outstanding refunds / RPOs should be available on web portal.
They suggested that a section on the lines of income tax should be incorporated in the Sales Tax Act, 1990 whereby group companies should be allowed an option to be taxed as one fiscal unit for the purposes of Sales Tax.
As a result of above, sales tax refund / excess input tax of one Group Company would be adjustable against the sales tax payable by another group
