ISLAMABAD: Chairman Federal Board of Revenue (FBR) Tariq Pasha, Wednesday, said that Telecommunication companies had agreed to provide data to tax officials upon the interference of Pakistan Telecommunication Authority.
Therefore, FBR will conduct special audit of Telecommunication companies soon. At first stage firstly the tax officials will scrutinize that data, if we reach on meaningful conclusion than FBR would be able to conduct special audit of telecom companies.
In this regard, Tariq Pasha informed the Senate Standing Committee on Finance and Revenue here that FBR’s attached department PRAL had developed software with the consultation of telecom companies; the purpose of this exercise is to make special audit of telecom companies.
Earlier, the companies were reluctant to provide required data along with information to FBR, however, in result of PTA’s intervention, telecom companies have agreed to provide data to FBR within a month.
Finance and Revenue committee met here with Senator Salim Mandviwala in the chair to discuss agenda pertaining to FBR and alleged manipulation in the share of Bank of Punjab from the Bank President.
The meeting also discussed audit of withholding taxes collected by the Telecom sector. FBR and AGPR told the meeting that the data currently provided by telecom sector was not in a form, from which meaningful inferences could be drawn and hence a new consultation process for specialized audit in on way.
Chairman committee on this occasion said that it’s a good thing that companies have agreed to provide data to FBR and be informed the committee on this issue with the passage of time.
While briefing the committee on Rs 102 billion gift in 2016 alone, FBR Chairman FBR said that 2746 people in their returns in fiscal year 2016 mentioned that they had given the gifts to their beloved ones. The current status in this case is that tax department had acted against three persons on the basis of suspicious transaction. He further stated that fbr only act those people who would not be able to tell the source of their income.
Commenting on a few of observations from the Senators, Chairman FBR said that FBR officers leaked the information to highlight their work, if some person had given the gift through his declared income so it was not a problem. The committee has also take up the matter of alleged manipulation in the share of Bank of Punjab from the Bank President.
Committee asked Securities Exchange Commission of Pakistan (SECP) to thoroughly examine the alleged manipulation of share price of Bank of Punjab (BOP) by underwriting of shares along with details of shares purchased and sold by the management and Directors of BOP from January 2015 to March 2017.
It was decided that the Committee shall wait for SECP to compile a report after deeply looking into the matter and finding out if there have been any irregularities or illegalities in the whole process. The Committee being an oversight body will then look into the matter.
The matter of containers containing imported goods being held at ports due to delay in carrying out formalities on part of some bodies was also discussed in the meeting. The Committee was of the view that businesses of importers should not get affected if concerned departments are delaying the due processes.
