CBR and SBP to devise foolproof system for tax receipts reporting

ISLAMABAD (March 30 2003) : The Central Board of Revenue (CBR) and State Bank of Pakistan (SBP) have decided to jointly sort out the reconciliation problems of revenue receipts and improve tax collection reporting.

CBR and SBP would make all-out efforts to devise a foolproof mechanism for timely reconciliation of revenue receipts.

Official sources told Business Recorder here on Saturday that a three-member delegation of SBP would visit CBR from April 7 to 12 to acquire proper know-how of planning and management work carried out by the tax managers.

The CBR Chairman along with his team of economic managers would give detailed presentations to the SBP officials during their six-day visit to Islamabad.

The CBR has also asked UK consultants, Maxwell Stamps, to prepare a presentation on tax reforms for improving skills of the SBP officials.

The most important issue of handling and reporting, reconciliation of revenue figures with National Bank of Pakistan (NBP) and SBP would be discussed in detail between SBP officials and CBR's Directorate of Research and Statistics (DRS).

This organ of the tax authorities is primary source of data for many government organisations including FBS.

The CBR and SBP held a meeting last year to devise a new mechanism for bifurcation of tax-wise collection to check the major variations in tax figures.

The CBR officials in the light of the above-mentioned meeting held supplementary sessions with the concerned officers of SBP/NBP to devise measures for separation of tax collection from combined pay orders and also to devise a pro forma for reconciliation statement with SBP.

Another most important aspect, on which there is unanimity among CBR, SBP/NBP was the reconciliation of collectorate-wise amounts in foreign currencies paid at airports and duty-free shops, sources added.

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