ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue, Friday, appreciated the efforts made by the Federal Board of Revenue’s (FBR) chief commissioners of Karachi with regard to tax collections.
The Committee met with Qaiser Ahmad Sheikh in the chair in State Bank of Pakistan, Head Office Karachi to discuss income tax collection matters in Karachi and role of Karachi Income Tax Office.
Qaiser Ahmad Sheikh told this scribe here that high officials of FBR, including Karachi Large Taxpayers Unit Chief Commissioners Ayaz Mahmood, Regional Tax Office-I (RTO-I) Chief Commissioner Hafiz Muhammad Ali Indhar, RTO-III Chief Commissioner Lubna Farrukh Mirza, LTU-II Chief Commissioner, Nausheen Javed Amjad and RTO-II Chief Commissioner Seema Shakeel briefed the committee about problems and performance of their offices and sections concerned. The FBR officials informed that 51 percent Inland Revenue (IR) taxes were collected by the IR Services, Karachi. The committee appreciated the efforts made by Chief Commissioners Karachi with regard to tax collections.
Therefore, he said that the committee members recommended close coordination between deputy commissioners and chief commissioner for evaluation of the property value at the market rates.
Sheikh said that the committee further recommended filling of the vacant post at filed formations on urgent basis as well as handing over the tempered and confiscated vehicles lying with Directorate General of Customs Intelligence and Investigation, Quetta to Karachi field formations on urgent basis.
The committee supported the inter-linkages proposal presented by the IRS Karachi with NADRA, SECP and WAPDA. The committee also directed IRS for forwarding its recommendations on coordination between FIA and IRS.
On the consideration of Foreign Exchange Regulation (Amendment) Bill, 2014, the committee suggested reduction in penalty amount proposed by the SBP against any contravention by the foreign exchange companies up to Rs 500,000 instead of 1 million for each contravention.
He added that where the contravention was continuous one then a further penalty should be imposed up to Rs 10,000. After thread bear discussion, the Committee unanimously supported the suggestions given by the chairman and passed the Foreign Exchange Regulation (Amendment) Bill, 2014.
