FBR orders audit of LB institutions
SIALKOT-The Federal Board of Revenue (FBR) has issued orders for special audit of all the local bodies institutions and the registration branches in Gujranwala Division.
According to the senior FBR officials, the special teams of the FBR would soon start special audit of the Municipal Corporations of Sialkot, Gujrat and Gujranwala, six district councils, 26 municipal committees and 18 registration branches. The officials added that the FBR teams would take the official records of all the development schemes, services and supplies to conduct audits besides checking the deduction of taxes as per their rules and regulations.
The FBR officials added that the FBR had received the secret information that these Local Bodies were deducting the withholding tax on all the development schemes, services and supplies as per the old 5 percent ratio against the new fixed official ratio of withholding tax imposed by the FBR.
Meanwhile, the Lahore High Court (LHC) has suspended all the Rs24 billion recovery notices issued to the Gepco by the Federal Board of Revenue (FBR) to recover such big arrears in the shape of different taxes and duties.
The FBR issued the final recovery notices to the Gepco to ensure early payment of Rs24 billion in the shape of different taxes before the end of December 2017. The Gepco officials said that the case of levying minimum duties to Gepco by the FBR was already under trial in the Lahore High Court (LHC) and till the final verdict to be issued by LHC, the Gepco was unable to pay Rs24 billion to the FBR. The LHC suspended the above-mentioned recovery notices issued to Gpeco by FBR till the further orders.