Vakil on Tuesday visited the KSE and met its members. He said that the CBR would maintain the status quo till the decision and would not go for further assessment of the members.
He said that a number of cases have been filed against the CBR on the valuation of card and tax to be collected when the member's card has been sold.
He said that if the court announces in favour of the KSE members, the CBR would not file any case against the decision, while if the decision came in favour of the CBR, the KSE member could put his case in front of the tax appellate tribunal.
Vakil agreed with the decision of KSE Chairman Firozuddin Cassim and said the exchange, on quarterly basis, could submit the valuation of members' card prevailing in the stock market.
"We are not the market players and wanted a liaison with the members of the exchange for tax purposes or any other problem arising," he added.
He advised his colleagues Shahid Jamal and Dawood Khan, who were assisting Vakil Ahmed,to induct one of the members of the KSE on the advisory board of Regional Income Tax Commissioner.
The main objective was that the representation of the stock market in this board would help the CBR in consulting issues pertaining to the stock exchange members, tax collection and the national tax numbers (NTN), he added.
Vakil said the main objective of the CBR was to increase the number of taxpayers.
At present, there were 1.7 million taxpayers and by the end of this fiscal year it would increase to 2 million.
Going forward, we wanted to increase it to 3 million by 2006.The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI) and other trade associations have extended support and would help the CBR in increasing the number of taxpayers.
Vakil said that recently the CBR has installed a tracker system. It was simply a data provider. It was helping the CBR in registering taxpayers with their full details.
He added that the CBR has demonstrated this system at Lahore, Islamabad and Rawalpindi and by the third week of this month it would be displayed at the Karachi centre.
"Effort is made to record taxpayers data and assess them, and not to target individuals who are under-reporting their taxable income."
He said that the CBR was making all-out efforts to process refunds at the earliest.
He appreciated the role of trade bodies in extending their fullest support towards initiatives of the CBR.
"Sometime we are careful on releasing refunds as officials wanted to assess the claim whether the plea is genuine or the trader is misleading the officials," he said.