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Finance ministry recommends imposition of penalty on non-, late filers

Finance ministry recommends imposition of penalty on non-, late filers

ISLAMABAD: Ministry of Finance has identified internal control weaknesses in Federal Board of Revenue (FBR) and emphasized to ensure imposition of penalty on non- and late filers of tax returns and maximize the assurance level to safeguard the public exchequer through post-refund audit.

It is important to mention here that the Federal Board of Revenue has a Director General of Internal Audit Inland Revenue who is responsible for exercising over all supervision of execution and application of income tax, sales tax, and federal excise duty laws.

The directorate headed by a BS-21 officer assisted by three directors, 16 additional directors, 23 deputy and assistant directors supported with ample supporting staff.

Ministry of Finance has recommended the FBR to ensure displaying the tax number to improve the system and validation checks in the e-filling system of sales tax returns to prevent inadmissible adjustment of input tax against invoices issued by blacklisted and non-active units.

The ministry also recommended that Federal board of Revenue to ensure display of NTN on business premises as required under the law. Sources said that Federal Board of Revenue will review recommendations that could help the department improve the internal control mechanism to avoid loss of revenue.