Sindh Revenue Board issues audit notices to industries | Pakistan Press Foundation (PPF)

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Sindh Revenue Board issues audit notices to industries


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KARACHI: The Sindh Revenue Board (SRB) has issued notices for audit and inspection to industries in SITE area, which is against the regulations, a statement said on Saturday.

“The audit and inspection notices are in violation of regulations,” Abdul Wahab Lakhani, chairman of SITE Association of Industry said in the statement.

The notices were issued under section 73 of the Stamp Act 1899, which does not apply to private sector, Lakhani said.

He confirmed that some 40 industries have received audit notices from the SRB.

The notices demanded industries to make the records chargeable with stamp duty available along with another 28 documents, according to a statement.

He said that the Section 73, which is referred to for inspection, was applicable on public officers having in their custody any registered books records etc.

“Private sector enterprises or companies are neither public officers nor their establishments are public offices, he said, adding that the Section 73 was not applicable on industries in private sector.

He said the notices appeared to have been issued on misconstruction and misinterpretation of relevant provision of law. Similar notifications, he recalled, were issued by the provincial revenue body in the past as well, but failed to conduct audit after facing agitation from the industries.

Lakhani said that the provision of the law for public officer or public offices was being applied on the private sector industries, which is highly uncalled for and clearly intended to cause harassment for illegal gratification.

“It is most unfortunate if the face of law does not call for issuing such notices, then what extra legal provisions or relaxations are forcing the SRB to find a revenue tap from industry,” Lakhani said.

Industry is already crippled in the present situation, no new investment is coming, and these notices would prove counterproductive to investment efforts of Board of Investment, Sindh,” he added.

He urged the Sindh Chief Minister Syed Qaim Ali Shah, Minister for Finance Sindh Syed Murad Ali Shah and the Advisor to the Chief Minister Sindh on Investments Zubair Motiwala for urgent interventions to stop issuance of such notices.
Source: The News
Date:7/17/2011