July 17, 2013 BRIEF TAX NEWS: 1. Vulnerabilities of FBR e-system exposed by FTO's Office Federal Tax Ombudsman (FTO) Office has observed that the Federal Board of Revenue appears to have badly failed to devise a secure automated online system to safeguard confidential and classified data of taxpayers. Sources told Business Recorder here on Tuesday that in a recent order during the tenure of FTO Dr Muhammad Shoaib Suddle FBR had been directed to commission a thorough investigation by a credible third party in relation to the vulnerabilities of the FBR e-system. 2. Collection on Business class taxpayers: FBR may make balance sheets mandatory The Federal Board of Revenue (FBR) may make it mandatory for business class taxpayers to file balance sheets or statement of affairs along with income tax returns forms for the Tax Year 2013 onward. Sources told Business Recorder here on Tuesday that necessary changes in the income tax return form would require amendments to Income Tax Rules, 2002, through issuance of the statutory regulatory order (SRO).
Posted on: Wed, 17 Jul 2013 05:08:55 +0000
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