First Chief Commissioners Conference of Large Taxpayers Units
First Chief Commissioners Conference of Large Taxpayers Units
The first Chief Commissioners Conference of Large Taxpayers Units of Karachi, Lahore and Islamabad was held on 06.05.2011 at the Large Taxpayers Unit, Islamabad, to foster an integrated approach towards the resolution and formulation of polices concerning corporate entities. The conference was hosted by Syed Ijaz Hussain Chief Commissioner LTU, Islamabad. Member Inland Revenue, Mr Khawar Khurshid Butt presided over the conference and appreciated the initiative taken and stressed upon the need for training of young officers so that optimum revenue generation during the current and coming financial year could be realized.
The participants of the conference were apprised about the issues involving Oil exploration & Production companies by Mr. Masud Akhtar, Additional Commissioner Islamabad wherein it was decided that before reaching any agreement/ understanding in tax matter with the Oil Exploration & Production companies prior permission of FBR/ Chairman shall be sought. It was also stressed upon that renowned legal advisors shall be engaged on special fees so that cases pending before various Appellate fora involving huge revenues could be decided at the earliest.
The participants were also apprised regarding certain issues of withholding taxes amongst banking sector as unearthed by the officers of LTU. The participants agreed that all such information/ experiences shall be shared by all three formations of Large Taxpayers Units. The suggestions regarding automation of business processes, the issue of transfer pricing and taxation of major Sectors of economy also come under discussion and all the participants agreed to develop an integrated approach to properly tax the corporate entities by resorting to a coherent mechanism and to conduct studies to formulate comprehensive strategies keeping in view the regional practices and domestic economic activities.
