Online
Islamabad
The FBR has served late filing notices to companies and individuals as this act of the bureau has created panic among the tax payers.
According to credible sources, the tax authorities have started to harass people who are already in the tax net, in response to pressure from the government to pick up the pace of revenue collection.
Companies and individuals are finding themselves served with audit notices, and then offered the option of paying a – penalty to get rid. Even the salaried persons were also served such annoying notices.
Authorities have announced that one million individuals who filed their returns late in the last three years have been automatically selected for audit, and that they can pay Rs20,000 for ‘closure of audit’.
Such an exercise could yield up to Rs20bn in revenue, which will be a step towards plugging a reported hole of Rs100bn in the first quarter’s tax collection target.
In fact, it will send a wrong message that filing your returns makes you vulnerable to troublesome situation.
