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FBR detects non-levy of super tax worth Rs49.845m on M/s A.F. Ferguson & Co

FBR detects non-levy of super tax worth Rs49.845m on M/s A.F. Ferguson & Co

ISLAMABAD: Federal Board of Revenue (FBR) detected non-levy of super tax worth Rs49.845 million on M/s A.F. Ferguson and Company by the Regional Tax office III, Karachi and took stern action of poor monitoring of the field formation and ordered to the department to fix the responsibility against officials at fault and expedite the recovery of government revenue.

According to the details M/s A.F. Ferguson and Company National Tax Number (NTN 0804825) under jurisdiction of Regional Tax Office III, Karachi declared income above Rs 500 million during last tax year, but super tax of Rs49.845 million was not paid by the taxpayer in violation of the income tax ordinance.

Federal Board of Revenue was of the view that non-recovery of super tax by the field formation proved its poor monitoring and weak internal control.

It is important to mention here that under Section 4-B and division II A of Part 1 1st schedule of Income Tax Ordinance 2001, person other than banking company having income equal to or exceeding Rs. 500 million is required to pay super tax @3 percent of the income for the tax year. On the direction of the FBR, Regional Tax Office has initiated the legal proceedings against the company to recover the government revenue.