Federal Minister for Finance and Revenue Shaukat Tareen has warned that if any error is found after a third party audit, it will result in the launch of an investigation and penal action.

“In this regard, we have created a section to review all the bills of the people, the number of deposits and the date of travel, etc. and if a person is found liable to pay taxes but is in default, such Matters will be sent to a third party. Auditors will prove the tax default and if proven, these defaulters will be put behind bars. ” Shaukat Tareen said.

He announced that from July 1, 2021, FBR will not issue any notice as taxpayers will be able to make their own assessment while only 4 to 5 percent of cases will be sent. The audit will be done by a third party, not through the FBR.

Harassment in FBR

“I want to eliminate harassment through the FBR. Although there are good people in the FBR. Therefore, we have introduced Universal Tax Self Assessment and audit only through third parties” Meeting with BMG leadership and KCCI office bearers on Thursday.

Penalty 23% and Demand of CNIC

The Minister also agreed that when we will impose a three per cent penalty on unregistered persons, the demand of CNIC should not be there. Therefore, the Minister directed the FBR to look into the matter and close the CNIC demand. “A call center will set up in the FBR where taxpayers can lodge complaints, which I will personally review on a daily basis to ensure accountability in the FBR,” he added.

He said the FBR will also instruct not to stop refunds to SMEs and small businesses. “We will eliminate all backlogs within a few months by issuing tradable bonds. So that businesses have ample liquidity and introduce a better mechanism to clear refunds in 60 to 90 days. “

End of Exemptions

He said that we did reforms in revenue collection. Which would ensure that there would be no harassment and no double taxation. “The IMF is pressuring us to stop all exemptions. IMF said to impose an additional tax of Rs 140 billion on existing taxpayers, which I deny,” Tareen said.

Shaukat Tareen added, “We will deal only definite exemptions otherwise the rest of the work will continue. We will increase the tax base to make good use of technology and innovation. We will not force it and there will no regression. But we will develop it in consultation with the business community. “

Issues of KCCI

The Finance Minister has also promised to hold regular meetings with the KCCI. At least once in three months so that discussions can continue on an ongoing basis. To resolve the problems of the business community immediately. While the FBR Will be directed to consider and resolve all technical issues raised by the KCCI.

Tax Defaulters | Tax Audits | Tax Assessments | Shaukat Tareen | FBR | Federal Board of Revenue | Budget | Finance Act 2021 | Taxes | KCCI | Tax Exemptions | Penalty | CNIC |