Cases to be filed against fake refund claimants
Bogus input adjustment increasing.
ISLAMABAD:
The Federal Board of Revenue (FBR) has issued directives for registering an FIR against those exporters who claim fake tax refunds, causing a loss to the national exchequer and making it difficult for tax authorities to meet revenue collection targets.
A senior FBR official told The Express Tribune that the board took the action after submission of an internal report which pointed out that the tax authorities had detected fake input adjustment claims and the number of such cases was increasing.
Last year, exporters got Rs100 billion in bogus input adjustments which brought down the total revenue collection from the target. In fiscal 2010-11, FBR collected around Rs1,550 billion in revenue against the target of Rs1,588 billion.
Keeping in view the findings of the report, the official said, the FBR had issued instructions to large taxpayer units, regional tax offices and other field formations across the country to take action and register FIR against those exporters who submitted fake input adjustment claims.
By registering cases against such unscrupulous elements, the amount pocketed fraudulently would not only be recovered, but penalty would also be imposed, he added.
Published in The Express Tribune, August 13th, 2011.
The Federal Board of Revenue (FBR) has issued directives for registering an FIR against those exporters who claim fake tax refunds, causing a loss to the national exchequer and making it difficult for tax authorities to meet revenue collection targets.
A senior FBR official told The Express Tribune that the board took the action after submission of an internal report which pointed out that the tax authorities had detected fake input adjustment claims and the number of such cases was increasing.
Last year, exporters got Rs100 billion in bogus input adjustments which brought down the total revenue collection from the target. In fiscal 2010-11, FBR collected around Rs1,550 billion in revenue against the target of Rs1,588 billion.
Keeping in view the findings of the report, the official said, the FBR had issued instructions to large taxpayer units, regional tax offices and other field formations across the country to take action and register FIR against those exporters who submitted fake input adjustment claims.
By registering cases against such unscrupulous elements, the amount pocketed fraudulently would not only be recovered, but penalty would also be imposed, he added.
Published in The Express Tribune, August 13th, 2011.