ISLAMABAD: Federal Board of Revenue (FBR) on Friday selected 10,441 cases of income tax for audit of tax year 2018.
The FBR conducted computerized balloting for selection of cases under Audit Policy 2019, which was recently released.
As many as 10,441 Income Tax cases were chosen through balloting for audit whereas the board selected 2065 Sales Tax Cases and 27 Federal Excise Duty case for the audit through this process.
Advisor to Prime Minster on Finance and Revenue, Dr. Abdul Hafeez Shaikh witnessed the balloting ceremony.
On the occasion the advisor said that promoting transparency through automation and digitalization in tax collection system of FBR was a prime agenda of the government.
For this purpose, he said, the FBR has made public the tax payers’ information and published the taxpayers’ directory which contains tax record of individuals and parliamentarian and could be accessed by common masses, he said while launching the Taxpayers Directory and Computerized Balloting for Audit 2018 here.
Chairman FBR Javed Ghani, representatives of business community and other officials of the board were also present on the occasion.
The Advisor said that only 0.76 percent cases were selected for audit with an aim to involve minimum number of taxpayers.
He said that last year around 14000 cases were selected but the audit remained inconclusive due to excessive number of cases, hence this year around ten thousand cases were selected only.
While talking about tax refunds, the advisor said Rs 240 billion refunds were paid to the industrialist in fiscal year 2019-20, more than double as compare to the previous fiscal year.
He said that out of total out Rs 40 billon income tax refunds, around 28 billion were paid while the remaining Rs12 billion would be paid this year.
The advisor said that the government wanted coordination with the business community for resolving their issues. “We want to facilitate the industrial sector and provide it all facilities to reduce its cost of doing business to increase the country’s exports.”
He added that the lowering the cost of doing business was a priority of the government to provide competitiveness to the local industrial sector in international market for increasing country’s exports.
He said that industrial growth leads to enhanced exports and thereby create employment opportunities in the country.
The advisor said that export sector performed good in July even when the country has been passing through in challenging times amid COVID- 19 pandemic.
Hafeez Shaikh highlighted the importance of promoting tax culture, saying that the taxes enable the government to carry forward development agenda and initiate development projects of infrastructure, health and education.
Speaking on the occasion, Chairman FBR Javed Ghani said the board launched the tax payer directory of parliamentarian and other individual to public the date of taxpayers for maintaining the transparency.
He said that transparency and automation was the top priority of the FBR for broadening the tax net to growth in the country’s economy.