Senate Standing Committee on Finance on Monday criticized the Federal Board of Revenue’s (FBR) absolute action against taxpayers, who facing tax notices having tax demands that is many times more than their annual turnovers. During the rapid increase in tax demand, it reached Rs2.4 trillion.
“I fell shocked to see that the FBR issued a tax recovery notice of Rs65 million in a case. Where the total turnover of the person only Rs5 million per annum. Which actually far less than the total demand notice of tax” said Senator Talha Mehmood, Chairman of the Standing Committee.
Mahmood said “that the officers who had issued such ridiculous notices should be handcuffed as the FBR was blackmailing the taxpayers through audit notices.”
According to “Express Tribune” report on this, the FBR still serving tax notices of large tax demands. Despite Finance Minister Shaukat Tarin’s ordered to stop giving tax notices. The move comes amid growing fears in the business community over budget proposals. To arrest taxpayers on suspicion of concealing income and combine aid with 100 per cent payment of tax demands.
FBR sources informed to the newspaper, “The Express Tribune” that the tax demand had jumped to Rs2.4 trillion. Which was almost half of the FBR’s annual tax target of Rs4.963 trillion. Just two months ago, the figure was Rs1.7 trillion, showed the Ministry of Finance monthly economic update.
Tax Notices | Tax demands | FBR | Federal Board of Revenue | Shaukat Tarin | Senator Talha Mehmood | IRS | Income Tax Returns |