Monday, 9 December 2024
Trending
Tax Notices by FBR Criticized by senate panel
UPDATES

Senate Panel criticized FBR for sending tax notices

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.

See also  Legal and Operational Issues with National Single Sales Tax Return

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 accounting services top tax consultants lahore pakistan
Ads:

Tax Notices | Tax demands | FBR | Federal Board of Revenue | Shaukat Tarin | Senator Talha Mehmood | IRS | Income Tax Returns |

Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: