FBR Chairman Salman Siddiqui on Saturday issued instructions to relevant FBR Members to ensure proper reporting of net revenue collection by the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to avoid any confusion over gross or net collection in future.
Sources told Business Recorder that a special meeting of the FBR Members chaired by Salman Siddiqui was convened on July 30 at the FBR Headquarters to discuss important taxation issues including reporting system of revenue collection by the field formations. The meeting was not a FBR Board-in-Council meeting with the specific agenda, but it was an informal meeting to discuss prevailing situation of economy vis-à-vis revenue collection. It was attended by all FBR Members including Dr Amna Saeed Khalifa, Director General (Strategic Planning & Statistics).
According to sources, tax authorities have issued instructions to the FBR Members to ensure that the field formations should report net revenue collection figures. In this regard, the FBR will issue instructions to the Chief Commissioners of LTUs and RTOs for proper reporting of revenue collection figures in future.
The issue came to the light after reporting of gross revenue collection of Rs 1590.462 billion of 2010-11 on June 30, 2011. The net revenue collection of the FBR stood at Rs 1550 billion for 2010-11 against the annual target of Rs 1588 billion, reflecting a shortfall of Rs 38 billion. The reconciled figures of the FBR amounted to Rs 1550 billion during 2010-11. Earlier, the figure of Rs 1590.462 billion was gross revenue collection of 2010-11.
The final figure of net revenue collection was Rs 1550 billion for 2010-11 against thrice downward revised target of Rs 1588 billion, showing a shortfall of Rs 38 billion. The net figure of Rs 1550 billion has been calculated after payment of refunds and reconciliation of data during the period under review.
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