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PRA seeks audited copy of accounts from taxpayers

PRA seeks audited copy of accounts from taxpayers

LAHORE: The Punjab Revenue Authority (PRA) has asked the registered persons and businesses in corporate sector to submit a copy of annual audited accounts along with tax payments’ propriety certificate from auditors.
The authority said that the main provisions relating to maintenance and production of records for the purpose of Punjab sales tax are available under sections 31 and 32 of the Punjab Sales Tax on Services Act, 2012 read with sections 56 and 57 thereof.
“The corporate sector registered persons whose accounts are subjected to audit under the Companies Ordinance, 1984 are required to submit a copy of the annual audited accounts along with tax payments’ propriety certificate from the auditors under sub section (5) of section 31,” it added.
“There is no restriction on the persons liable to Punjab sales tax to maintain their records in electronic form provided such records enable ready ascertainment of tax liabilities during the relevant tax periods,” the authority added.
It said that Punjab sales tax are hereby required to invariably furnish to PRA their annual audited accounts in terms of the aforesaid section 31 (5) electronically regardless whether or not hard copy thereof is furnished.
However, the audited accounts shall not be considered complete if they are filed without ‘notes to the accounts’ and are not accompanied by a certificate by the auditors confirming the payment of the sales tax.
Moreover, the time of submission of annual audited accounts, section 31(5) does not specify any time for this purpose. It is however, ordained that accounts for financial year 2012-13 shall be furnished within one month of the issuance of this circular and the accounts for the financial year 2013-14 and on ward shall be submitted within one month of their finalization, the Authority said.