ISLAMABAD: The Federal Board of Revenue (FBR) has denied news reports claiming that FBR’s online system underestimates tax liabilities.
An FBR statement said that the FBR categorically denies such news as manual calculation made by the assessing officer in the body of manually typed order was not in accordance with the charging provision of Income Tax Ordinance, 2001.
The element of fixed tax/minimum tax, as well as PTR, was not looked into properly. On the other hand, the calculations made by the system are based on business rules that have been properly framed after taking all relevant legal precision.
Regional Tax Office-III Karachi has duly been directed to instruct the assessing officer(S) to use the facility of the online system despite using manual tax calculations, erroneously, it said.
