20 January 2014

Revenue leakage: Ship breakers, gold importers face action

The Federal Board of Revenue (FBR) has decided to tighten noose around ship breakers, gold importers and others to plug revenue leakage. The decision was made by Syed Ijaz Hussain Director General, Intelligence and Investigation (I&I), Inland Revenue (IR) during recent visit to Karachi, sources said here on Thursday.

They said the DG I&I had convened a meeting with the officials of Inland Revenue and directed them to expedite the process of tax recovery besides taking appropriate measures to plug revenue leakage. Sources said that DG Ijaz Hussain had ordered field formations to take action against tax evaders in ship breaking industry and gold import.

They said field formations had also been tasked to deal with non-taxpayers, having luxury vehicles and bogus refund claimants with an iron hand. Replying to a question, sources said the I&I, IR, Karachi had so far gone hammer and tongs against unscrupulous elements and remained successful in establishing deterrence.

Sources said investigation in a fake refund case had been initiated by I&I-IR Karachi in April 2012 and since then, the department had identified a colossal revenue loss of Rs 4 billion. They said the department had not only recovered around Rs 2 billion in this case but also averted further revenue loss by blocking fake refunds amounting to Rs 2.7 billion.

Consequently, officials from all three Regional Tax Offices (RTOs) at a meeting with DG I&I-IR avowed that measures taken by I&I-IR, Karachi would ensure upsurge in its revenue collection. The official figures presented by all the three RTOs at a meeting revealed that RTO-I, Karachi has shown 9389 percent growth in its revenue collection.

RTO-I has accumulated Rs 3.047 billion during first quarter of current fiscal year as compared to Rs 32.12 million collected in the corresponding period last year. Similarly, RTO-II has registered 350.94 percent growth generating Rs 5.116 billion against Rs 1.134 billion in previous period. The revenue collection of RTO-III has also increased by 191 percent as it has succeeded in generating Rs 2.81 billion as compared to last Rs 966.56 million.

Source: business recorder. 10 January 2014

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