LAHORE: Federal Board of Revenue (FBR) has decided to conduct audit of brokers of Lahore Stock Exchange. FBR will audit the record of sales and income tax paid by the Lahore Stock Exchange from 2010 to 2014.
According to details, Federal Board of Revenue, Regional Tax Office-I (RTO-I) will conduct the audit of Lahore Stock Exchange brokers. FBR takes this step after find some irregularities in the tax paid by the indviduals and firms doing business with Lahore Stock Exchange.
FBR will scturinize the the record of those who are doing shares business in the Lahore Stock Exchange. FBR has demanded the income statments of brokers and start this process at gross root level. FBR will send notices to brokers and after the security if any irregularities will be found the departmnet will charge tax along with penalty.
