Al Amin :
The National Board of Revenue (NBR) has indentified some 98400 registered companies of Joint Stock Companies and Firms (RJSC) across the country which are not receiving Tax Identification Numbers (TINs) for filing income tax returns.
The companies are likely to face legal measures for having no TINs or not filing tax returns, NBR officials said.
According to the NBR data, around 75000 out of 176000 registered companies have TINs. Of them, 35000 companies are paying tax or filing tax returns every year.
The government loses huge amount of revenues as the large number of companies are not under the tax net for a long time. The NBR has now initiated to bring the companies under the tax net to increase revenue.
Recently, the NBR has formed the taskforce to find out companies, which are not paying tax or filing income tax returns to bring them under the tax net. The newly formed taskforce has identified the companies and collected information about them.
The information will be sent to the concerned tax zones with the names and addresses of these companies and the tax zones will take the next step according to the existing law, NBR officials said. A member of the taskforce said information about the 98400 companies, have no TINs, have been collected from RJSC and the concerned tax zones will take legal measures against them.
About the legal measures, he said there is a provision to fine the companies for not taking TIN despite the legal obligation, but our aim is to make sure so that they get TINs.
Another official said, the primary step is to collect detailed information about the companies and issue tax claims. After scrutinising all papers of the companies, the NBR has to be foot forward step-by-step. In case of such a large number of companies, it is actually impossible to manage it.
So, we want to bring the companies under tax net primarily even if they are exempted from penalty. That is why we want to ensure TIN by contacting with the companies, he added.
Actually, all of the indentified 98400 companies have no business activities at present and the NBR does not have information about how many companies are in operation. Even, the companies that have been liquidated or closed are also on the list, although the number of such companies will not be too much.
Presently only personal TINs of the directors are mandatory to submit to set up a company and the company’s TIN has to be submitted after final approval of it. But the companies are neither taking TIN nor paying tax after getting final approval of the RJSC.
NBR officials also said unscrupulous people, setting up self-declared companies, take loans from banks by showing a huge transaction resulting in the loan defaulter is increasing.
In some cases, the process of liquidation of the company is complicated and many people do not follow that way. That is why the accurate information about the activated companies is not available.
The National Board of Revenue (NBR) has indentified some 98400 registered companies of Joint Stock Companies and Firms (RJSC) across the country which are not receiving Tax Identification Numbers (TINs) for filing income tax returns.
The companies are likely to face legal measures for having no TINs or not filing tax returns, NBR officials said.
According to the NBR data, around 75000 out of 176000 registered companies have TINs. Of them, 35000 companies are paying tax or filing tax returns every year.
The government loses huge amount of revenues as the large number of companies are not under the tax net for a long time. The NBR has now initiated to bring the companies under the tax net to increase revenue.
Recently, the NBR has formed the taskforce to find out companies, which are not paying tax or filing income tax returns to bring them under the tax net. The newly formed taskforce has identified the companies and collected information about them.
The information will be sent to the concerned tax zones with the names and addresses of these companies and the tax zones will take the next step according to the existing law, NBR officials said. A member of the taskforce said information about the 98400 companies, have no TINs, have been collected from RJSC and the concerned tax zones will take legal measures against them.
About the legal measures, he said there is a provision to fine the companies for not taking TIN despite the legal obligation, but our aim is to make sure so that they get TINs.
Another official said, the primary step is to collect detailed information about the companies and issue tax claims. After scrutinising all papers of the companies, the NBR has to be foot forward step-by-step. In case of such a large number of companies, it is actually impossible to manage it.
So, we want to bring the companies under tax net primarily even if they are exempted from penalty. That is why we want to ensure TIN by contacting with the companies, he added.
Actually, all of the indentified 98400 companies have no business activities at present and the NBR does not have information about how many companies are in operation. Even, the companies that have been liquidated or closed are also on the list, although the number of such companies will not be too much.
Presently only personal TINs of the directors are mandatory to submit to set up a company and the company’s TIN has to be submitted after final approval of it. But the companies are neither taking TIN nor paying tax after getting final approval of the RJSC.
NBR officials also said unscrupulous people, setting up self-declared companies, take loans from banks by showing a huge transaction resulting in the loan defaulter is increasing.
In some cases, the process of liquidation of the company is complicated and many people do not follow that way. That is why the accurate information about the activated companies is not available.
