LAHORE: Federal Board of Revenue (FBR) specialized units have been created within Regional Tax Offices (RTOs) for fast track processing of these cases. As a result of which 2,989 returns have been enforced during the last one year.
Demand created is Rs4915 million and the tax recovered is Rs1,648 million. Rs189 million have been paid by the taxpayers who availed the amnesty on the basis of the action taken by the specialized units.
Benami Transactions (Prohibition) Rule, 2019 vide S.R.O. 236(I)/2019 dated 11.03.2019 were issued by the IR-Operations Wing which created authorities to function under the Benami Act.
The report said that the taxes collection during the month of July 2019 by the IR-Operations Wing is Rs234 billion against the target of Rs236 billion which is 99.2 percent of the assigned target. The collection of IR Domestic Taxes in July 2019 has shown an increase of 60 percent compared to collection of July 2018.
During Fiscal year 2018-19 the number of new tax payers who filed returns of income is 348,140 as compared to 146,096 filed during 2017-18 registering an increase of 137 percent.
In July 2019 the collection of sales tax is Rs123.4 billion which is 26.4 percent higher than the collection of sales tax in July 2018 which was Rs 97.6 billion. Similarly, FED collection in July 2019 is 20 percent higher than the collection in July 2018