ISLAMABAD (February 23 2003) : The Central Board of Revenue (CBR) has sought the record of all the companies whether registered or closed after establishment from the Securities and Exchange Commission of Pakistan (SECP) for allocation of national tax numbers (NTN) along with their verification of registration/income tax payment.
In case of non-operative companies, the data would be instrumental in ascertaining their actual assets and tax liability helping the authorities to trace their directors and top management.
The SECP has been asked to provide information about the companies registered with the commission, including details like names of their directors and business classification.
Sources in the CBR told Business Recorder Saturday that the tax authorities would compile a computerised national database of all the companies registered under the Companies Ordinance, 1984. However, the exercise needs complete assistance of the SECP.
Presently, a number of registered companies were closed because of operational problems, but they have not conveyed to the tax authorities about their closure.
The board of directors of these companies was untraceable and their tax records were also not up to the mark.
The CBR would collect all such data from the corporate watchdog and allocate NTN to the companies not having national tax number, they said.
Furthermore, the record would be helpful to exactly know the actual tax liabilities of different categories of the companies.
The CBR would also use the SECP's data for the selection of cases for total audit (assessment year 2002-03).
In this regard, the CBR was formulating criteria to conduct computer ballot for selection of companies' cases for audit.
The CBR has issued instructions to all the regional commissioners of the Income Tax and Large Taxpayer Unit (LTU), Karachi, to provide sector-wise number of Self-Assessment Scheme (SAS) cases.
The salary returns/certificate received in the Data Processing Centres Lahore, Karachi, and Rawalpindi would be returned to their respective Income Tax Zones after computer entry.
It has also been decided to establish one model circle at Karachi, Lahore, and Rawalpindi, the sources added.