KARACHI: Pakistan Tax Bar Association (PTBA) has suggested the Federal Board of Revenue (FBR) to outsource the assignment of profiling potential taxpayers to a data mining company as it was done in the case of National Clearing Company of Pakistan Limited (NCCPL).
A delegation of the association met Haroon Akhtar, Special Assistant to Prime Minister on Revenue the other day and presented its budget proposals for 2018-19, Abdul Qadir Memon, president, PTBA.
He said the NCCPL maintained the information about the transactions of Pakistan Stock Exchange (PSX) and provided all the details to the FBR. Memon said a data mining company should be given the assignment of maintaining a database of all persons owning properties and motor vehicles, having credit cards and utility connections, purchasing air tickets and stocks etc.
It is suggested that submission of quarterly statements should be made mandatory for: registrars and housing societies for registration or transfer of all immovable property, including industrial and agriculture; motor vehicle registration authorities, clubs, credit card issuing authorities; Central Depository Company; NCCPL, large scale private hospitals and schools and financial institutions distributing profit more than statutory taxable limit or granted commercial loans.
Memon said that one of the key proposals of PTBA for broadening of tax base had been incorporated in the tax package announced by the prime minister a day earlier. He said the PTBA recommended that exemption from taxation as unexplained income under Section 11(4) of the Income Tax Ordinance, 2001 to the foreign exchange brought into Pakistan through proper banking channel should be restricted to home remittances by overseas Pakistanis up to $100,000 and only for fresh industrial investment.
