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FBR holds computer balloting of taxpayers for audits

FBR holds computer balloting of taxpayers for audits

LAHORE: Federal Board of Revenue (FBR) held a random computer ballot of income tax, sales tax and federal excise returns for the selection of cases for audits on Friday.

FBR invited trade bodies, chambers, associations and high taxpayers to witness the selection process.

Through the random computer ballot, FBR selected corporate taxpayers and non-corporate taxpayers of income tax, sales tax and federal excise for audit of tax year 2012 excluding salaried class and cases falling under the Final Tax Regime (FTR).

Chairman FBR Tariq Bajwa said that in the balloting, five percent of taxpayers from different tax categories have been selected who would be issued notices for their detailed audits.

He said that the tax-to-GDP ratio in the country is lower and remained 8.5 percent last year.

Due to this low ratio, the current deficit increases so the government has to borrow money from other financial institutions which increases inflation.

He said that in order to fill the tax gap, FBR is working on three interventions including broadening the tax base by bringing maximum people into the tax net.

Those people who have NTN tax number but they are not filing their tax returns would be followed. And those who are already paying their taxes would be checked whether they are paying their all taxes.