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FBR team starts audit of 21 TMAs in Gujranwala Division

FBR team starts audit of 21 TMAs in Gujranwala Division

SIALKOT: A special team of the Federal Board of Revenue  has started special audit of  as many as 21 Tehsil Municipal Administration (TMAs) and 18 Registration Branches  in Gujranwala Division’s all the six Sialkot, Narowal, Gujrat, Mandi Bahaud Din, Hafizabad and Gujranwala districts, besides seizing all of the concerned official records.

According to the senior FBR officials, the FBR teams were conducting the special audit of these TMAs and registration Branch to ascertain that either they had deposited all of their taxes as per rules and regulations or not.

The officials added that FBR used to collect as many as 5 percent  withholding tax of the total amount from all the contractors, suppliers  and construction companies  against the total value of all the contracts of development schemes allotted to the contractors by all the federal and provincial government departments. The ratio of this withholding tax was increased to 6.5 percent by the government the recent fiscal budget.

The FBR was expected to get an additional income of Rs. 100 million from these TMAs and Registration Branches as withholding tax, in this regard. The FBR’s special teams have also seized all the official records of selling and purchasing of all the properties and their registration.

The FBR officials revealed that if a person gets registered his property amounting Rs. 3 million he would have to pay one percent  Capital Value Tax of the said property. If the said person was not a tax payer then he would have to deposit this tax double with double under the ratio of 2 percent.

Meanwhile, as many as 21 TMAs in Gujranwala Division have yet recovered only 27 percent of the taxes against their fixed official recovery target of Rs 364.5 million, during the first five months of the current fiscal year. These TMAs could recover only Rs. 97 million, which is the 27 percent of the total amount. TMA Daska remained on top in this recovery target, as it recovered Rs 24.6 million against its target of Rs 14.5 million during this period