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FBR to shift focus on multinationals, corporate sector to ensure full tax collection

FBR to shift focus on multinationals, corporate sector to ensure full tax collection

 

FBR thinks it is more feasible to collect due taxes from existing taxpayers, especially huge international companies and corporate sector instead of finding new taxpayers of minor worth

 

ISLAMABAD: The Federal Board of Revenue (FBR) is evolving a plan to shift focus from broadening the tax net to getting due taxes from the existing huge taxpayers.

The FBR is willing to increase tax capacity of the existing taxpayers which were not paying tax in required and prescribed ratio instead of  focusing on those which were not paying due taxes.

A source in the FBR told Customs Today that the plan would be implemented after thorough discussions at almost all forums.

The source said that the FBR was of the view that instead of unearthing new taxpayers of minor worth, it was more feasible and practicable to collect due taxes from the existing taxpayers, especially huge multinational companies and corporate sector.

According to FBR’s findings, although corporate sector was contributing significantly in total collection of sales tax of the FBR, but not paying income tax in proportion with the growth of this sector.

“Main category is cooperate sector with sub sector cigarette, cement, barrages sugar, telecom, banking, oil and gas, construction industry and others,” the source said, adding that the FBR was working to analyse whether these sectors were paying due taxes or not.