Wasim iqbal, Researcher

The Auditor General of Pakistan (AGP) raised concern over the Federal Board of Revenue (FBR) borrowing money from multinational companies (MNCs) to show big tax collection.Wasim Iqbal, writing in Business Recorder said that raising concern over FBR 'manoeuvring', the AGP said that the FBR borrowed money in June at the end of the financial year from big companies and showed as tax collection, which had a negative impact on resource distribution of provinces under the NFC Award.A sub-committee of the Public Accounts Committee (PAC) meeting held here on Wednesday examined the Audit Report for the years, 2010-11 to 2017-18 of the Revenue Division (FBR) under Convener Sherry Rehman.While examining a particular case of a refund of PKR 16.9 billion to five companies (MCB Bank Ltd, M/s Government holding (Pvt) Ltd, M/s Pakistan Telecommunication Authority and the OGDCL) in 2011, the audit official stated that the FBR paid refund in three cases although there was no refund claim.In addition, the refund was paid in two cases in excess of the refund assessed as shown in the assessment orders passed under section 120 of the Income Tax Ordinance, 2001, reported Business Recorder.The FBR chairman admitted that in the past, the board borrowed money and put in the revenue collection to show budgetary target was met; however, he assured the committee that two years ago this practice was discontinued.He further said such decisions were taken at the prime minister and the finance minister-level, said Iqbal.Earlier, on Tuesday, the committee had expressed its displeasure over the non-appearance of the chairman FBR in the meeting and suspended the proceeding.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :Pak Auditor General raises concern over FBR borrowing money from MNCs to show big tax collection

The Auditor General of Pakistan (AGP) raised concern over the Federal Board of Revenue (FBR) borrowing money from multinational companies (MNCs) to show big tax collection. ...