IN a startling disclosure, the Auditor General of Pakistan has unearthed a Rs520bn loss to the national kitty during audit year 2013-14 due to the evasion of duties and taxes in four selective areas of customs and the Federal Board of Revenue. The final audit report on the tax-to-GDP ratio has been submitted to the president and will be laid before the two houses of the parliament. While most of the causes of the low tax-to-GDP ratio identified by the Auditor General (AGP) are generally well known, the latest report provides a critical insight into specific areas where targeted action and remedial measures could lead to the avoidance of significant revenue loss. The audit reported that the...
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