The National Board of Revenue (NBR) is set to begin auditing tax files of the large and medium companies to dig out any possible attempt for dodging taxes.
The tax offices will scrutinise the tax files and bring them into audit, considering the revenue risk factors, officials said.
Meanwhile, the NBR has asked its field offices to do the task based on legal provisions, not on doubts, so the taxpayers don’t feel any sort of harassment.
As per the procedure, multinational and large businesses firms can be selected considering their imports, procurement, exports, sales, increase of assets and quantitative analysis of manufacturing accounts.
Specialised and medium business houses may also be selected for field audit bearing in mindthe revenue potentials.
The NBR field offices of the three wings-income tax, custom duties and Value Added Tax (VAT) will conduct joint audits for finding out possible concealment to maximise the revenue collection.
Currently, these three wings conduct separate audits although they are under a same umbrella.
The NBR has also asked its three wings to mutually share information among them for determining the actual tax payable by large and medium businesses and detect tax evasion incidences by the businesses.
“If the three wings mutually share information between themselves, it can help find out possible tax concealment attempts,” said an official of NBR.
The risk factors include cumulative increase of income compared to that of previous year, declaration of loss in business, gift, personal loan more than Tk5 lakh, tax-exempted income, and tax refund demanded in the tax files for the current fiscal year.
The income tax returns, abnormal differences in import and export data, purchase, depreciation, bank balance, gross-profit rates and net profit compared to the figures for the previous corresponding year will also be brought into consideration for bringing the tax files under audit.
The government set the collection target at Tk1,76,370 core for the revenue board for the current fiscal year.
To meet the gigantic target, which is around 30% higher than the just concluded fiscal, the NBR is looking for potential sectors to maximise the revenue collection.
As part of the latest drive, the NBR has already decided to conduct intensive audit of tax files of all mobile operators in the country.
The Large Taxpayers Unit (LTU) of NBR has recently asked the commercial banks to submit detail bank account information of Grameenphone, Robi, and Airtel for the calendar year of 2013.
The tax authorities require the bank transaction statement to assess the tax file of the three operators for the fiscal year 2014-15, mainly for audit purposes.
The NBR will also seek the tax files of the rest three companies- Banglalink, Citycell and Teletalk in phases.
Usually, the Large Taxpayers Unit (income tax) and large taxpayers unit (VAT) jointly collects around 65% of the total revenue in every fiscal year. These two wings collect income tax and VAT from the large business firms.
“The tax authorities is considering to bring the files of large companies as these files can generate higher amount of revenue, if any concealment is found,” the NBR official said.
