June 13, 2007	Wednesday	Jamadi-ul-Awwal 27, 1428

ISLAMABAD, June 12: Chairman, Central Board of Revenue (CBR), M Abdullah Yousuf, said on Tuesday that a data-bank will be created shortly to collect required information from different sources for tapping potential taxpayers in the tax net.

He stated this while responding to questions of the Senate standing committee on finance and revenue, headed by Senator Ahmad Ali.

The committee presented a range of proposals for amendments in the taxation measures announced in the budget.

Mr Yousuf said the proposed data bank will collect required information through different sources about income and expenditure of individuals and associations of persons, which would help CBR to confront with short filers and tax-evaders. The members of the committee suggested to the chairman to take effective measures for bringing the tax evaders to the tax net.

Advisor to prime minister, state minister for finance, secretary finance and other senior officials also attended the meeting.

Regarding levy of taxes on professionals, like doctors, lawyers, engineers, chartered accountants, etc., the chairman said that there was a lot of undocumented income which has to be documented to the system.

The information would be collected regarding cash withdrawals, electricity bills, travels etc.

To another query, the chairman informed that CVT from the stock enhanced to 0.02 pc from 0.01 pc last year but revenue collected under this head could not be doubled because of the low turnover during the period under review.