Pakistan Tax Journal

KARACHI June 15, 2011: “The reforms process in tax administration is entering its last phase; however, despite efforts the tax machinery has not overcome its capacity and integrity issues as yet”. This was stated by Khawar Khursheed Butt, Member Inland Revenue, Federal Board of Revenue while addressing the Federal Budget Seminar organized by the Southern Regional Committee (SRC) of Institute of Chartered Accountants of Pakistan (ICAP) here at Defence Authority Country & Golf Club, Karachi. In his speech, the Member IRS dilated upon cause of revenue shortage, the uphill task of coming year’s revenue target and other policy matters. He admitted that by effective monitoring of withholding taxes, the government can enhance its revenue stream. “I have asked the Chief Commissioners not to focus on audits but on effective monitoring of withholding taxes where non compliance and leakage is more than expected”, Butt added. He said that recent exercise conducted by tax authorities revealed ...