FBR compiles commercial importers’ data for audit
KARACHI: Federal Board of Revenue (FBR) is compiling data of commercial importers for conducting audit of their imports and sales into the local markets.
FBR sources said that commercial importers were key source to identify potential taxpayers through details of their supplies.
The commercial importers have been excluded from audit during past few years and the tax departments were contended with their payment under final tax regime (FTR). However, under the audit policy 2016 the FBR has withdrawn the exclusion granted to FTR cases.
Under the audit policy 2016 the FBR has excluded only those cases who have filed returns for tax year 2015 and already selected for audit by tax departments.
Currently, commercial importers are liable to pay 17 percent sales tax and three percent value added tax. Further they are required to pay additional two percent tax in case of supplies made to unregistered persons.
The FBR sources said that the purpose of audit was to collect information of import stage to determine the tax collected by customs authorities and subsequent supplies in the local market.
The sources said that on selection for audit a commercial importer would provide all its goods declarations made for the period and details of persons whom they had made supplies.