Categories: Business

FBR urged to withdraw discretionary power of IR officials: FPCCI

F.P. Report

LAHORE: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) in its proposals being prepared by the Budget Advisory Council under the Chairmanship of Syed Mazhar Ali Nasir, Sr. Vice President, FPCCI has urged the FBR to withdraw the discretionary powers vested with the tax officials to avoid their misuse, provide relief to the taxpayers, simplify taxation law and restore the diminishing confidence of the assessees in the taxation schemes –a pre-requisite for success of any scheme.

The proposal is a part of the FPCCI presentation to be made to the concerned quarters for incorporation in the forthcoming Federal Budget 2018-19. The FPCCI after identifying a series of such provisions vesting discretionary powers had given concrete proposals to safeguard the interest of the taxpayers against the misuse of discretionary powers.

Regarding discretionary powers of multiple Audit/Amendment of Assessment under Section 177, 214C AND 122of Income Tax Ordinance, the FPCCI says that although a return filed within time limit does qualify for universal self-assessment Scheme, but even then it may be amended as many times as may deem necessary by the Inland Revenue officials within 5 years from the end of the financial year in which the return is filed and therefore, results in multiple tax assessments and harassment.

FPCCI proposed that the power to select the return of income may rest only with the FBR who is already having the powers to select the audit case randomly through Computer ballotingunder Section 214C of the Ordinance.

However, in case where definite evidence is available with the department then the audit be initiated upto the transaction in question only, it added. It may be recalled that a large number of Audit Notices are being served to the commercial importers and other such assessees who have already discharged their tax liability as full and final at the time of clearance of goods at customs stage.

FPCCI has also lamented posting of Inland Revenue Officer at Business Premises under Section 40B of Sales Tax Act, 1990 to monitor production, sales of goods, stock position etc., as it is out dated and unnecessary in the modern era of computerization and available methods of monitoring the entire production and supply chain.

The proposal argued that it gives a perception of anti-business and anti-investment government policies, creates harassment and tantamount to revival of supervise clearance scheme of Central Excise in Sales Tax Act, 1990.

 

The Frontier Post

Recent Posts

US, Philippine and Australian forces sink a ship during war drills in the disputed South China Sea

LAOAG, Philippines (AP) : Military force from the United States, Australian and the Philippines launched…

14 mins ago

Stormy Daniels testifies during day 13 of Trump’s New York hush money trial

NEW YORK: Her story is at the heart of the hush money criminal trial against…

9 hours ago

Hamas official warns of no ceasefire deal if Israel continues aggression on Gaza

GAZA : Hamas official Osama Hamdan warned on Tuesday that if Israel’s military aggression continues…

9 hours ago

Police break up pro-Palestine protests at Berlin, Amsterdam

BERLIN: Police have broken up a protest by several hundred pro-Palestinian activists who occupied a…

9 hours ago

TikTok challenges potential US ban in court

WASHINGTON (AFP): TikTok and its Chinese parent company ByteDance filed a legal challenge against the…

9 hours ago

This website uses cookies.