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Pakistan to Launch New Audit System |
| Source: |
futuregov.asia |
| Source Date: |
Thursday, June 09, 2011 |
| Focus: |
ICT for MDGs
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| Country: |
Pakistan |
| Created: |
Jun 14, 2011 |
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Pakistan’s tax authority will be introducing a centralised audit system beginning July 1 to increase revenues.
This “Centralised Audit System” will be enhancing the existent audit system. Efforts will also be done by the Federal Board of Revenue (FBR) to bridge the tax gap in the country by bringing defaulters under the net.
Salman Siddique, Board of Revenue Chairman, said on Monday that improving the current audit system and auditing of withholding agents like banks would help collect more revenues.
In the past, the FBR has collected Rs25 billion from the audit of banks only.
The revenue target for the outgoing financial year is Rs1,588 billion. Siddique hopes that the new audit system would help reach the target.
Future administrative measures will also be done by the FBR to increase the tax base and make the 700,000 tax evaders identified liable for their actions, in order to meet next year’s target of Rs1,952 billion.
“We have full support of the top leadership of country, including the president and the prime minister for broadening the tax base and bringing tax evaders and non-tax payers under the net,” said Siddique.
He said there was about 40 to 50 per cent gap between revenue collections and tax potential. The FBR will enact efforts, such as the upcoming audit system, to bridge the tax gap and keep the country’s fiscal deficit in check.
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