MULTAN: The Regional Tax Office of the Federal Board of Revenue (FBR) has started assessment of taxes for existing cotton factories in their jurisdiction.
Sources told Customs Today that Regional Tax Office started survey of cotton factories in Multan to verify their taxes and income by comparing tax statements. Cotton factories in the region are looking reluctant to pay income taxes. Multan is the biggest city of South Punjab and whole cotton belt is facing a major crisis in the on-going season due to a severe weather and attack of pests in Multan, Khanewal, Lodhran and Vehari in particular, and a number of other districts of South Punjab especially in general.
The Federal Board of Revenue RTO have received less collection of taxes from cotton factories of the region and after that Regional Tax Offices issued notices to cotton factories on which they have informed that their factories are closed due to cotton crisis in this season.
Commissioner Zubair Bilal have formed team for the inspection of cotton factories to verify their production and business volume because of the less taxes collected from cotton factories.
After the complete survey of cotton factories in the region, tax authorities will get clear picture of cotton industries because 80% cotton factories are claiming that their factories were closed in this season due to less growth and fewer price.
The Regional Tax Office Multan will forwarded report to Federal Board of Revenue regarding the inspection of cotton factories, business volume , collection of taxes with their income very soon after the completion of survey.
