KARACHI: Punjab Revenue Authority (PRA) has asked the taxpayers in corporate sector to submit annual audited accounts alongwith tax payments’ propriety certificate from the auditors. “This is a mandatory requirement without any exception,” the PRA said in a circular issued on Wednesday. It said that a question has been raised as to whether or not such persons can be called for to furnish to PRA soft copies (computerized version or computer-generated version) of their annual audited accounts. “PRA has examined the question and is of the view that under the Punjab Sales Tax on Services Act, 2012 and rules made thereunder, there is no restriction on the persons liable to Punjab sales tax to maintain their records in electronic form provided such records enable ready ascertainment of tax liabilities during the relevant tax periods,” it added. Companies usually maintain computerized records enabling themselves to handle their financial and accounting matters more conveniently and efficiently. Therefore, the PRA said that all corporate sector registered persons liable to Punjab sales tax are hereby required to invariably furnish to PRA their annual audited accounts in terms of the aforesaid section 31 (5) electronically regardless whether or not hard copy thereof has been or is furnished. Soft version may be furnished in downloadable scanned form or in any other suitable manner. In this regard, PRA has made necessary arrangements for electronic submission of audited accounts through existing authorized access (through their respective user ID and password) to the PRA portal available to registered persons. “However, the audited accounts shall not be considered complete if they are filed without “notes to the accounts” and are not accompanied by a certificate by the auditors confirming the payment of the sales tax due and any deficiency in the sales tax paid by the registered person,” the PRA said. However, the deficiencies, if any, can be made good by a registered person voluntarily as per law, it added. As far the time of submission of annual audited accounts, section 31(5) does not specify any time for this purpose. It is however, ordained that accounts for financial year 2012-13 shall be furnished within one month of the issuance of this circular and the accounts for the financial year 2013-14 and onwards shall be submitted within one month of their finalization. Time for submission of such accounts for special years, if any, shall be construed accordingly. Where accounts for the year 2012-13 are not complete/finalized for any bonafide reason(s), the concerned registered person will apprise PRA explaining the reasons of non-completion/non-finalization spelling out the tentative period or date during or on which the accounts will be furnished
Posted on: Thu, 11 Sep 2014 08:05:14 +0000