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FBR MAY RESTORE SECTION 153A FROM JULY 1.

The Federal Board of Revenue is expected to restore the biggest documentation measure from July 1, 2013 meant for collecting Computerized National Identity Card Numbers (CNICs) and other particulars of unregistered buyers within the supply chain. Sources told on Wednesday that the FBR was unable to collect nearly Rs 15 billion during 2012-13 due to suspension of the section 153A of the Income Tax Ordinance, 2001.

If the Board had implemented this documentation measure in its true spirit in 2012-13, the FBR would have been in a position to collect particulars of those distributors to whom supply have been made by manufacturers. The manufactures would have to collect particulars of their buyers at every stage of the supply chain. The CNIC has to be mentioned in the prescribed statement for documentation purposes.

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Publication:Pakistan & Gulf Economist
Date:May 19, 2013
Words:132
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