THE moment, some sections of IRB are attempting to use the information provided to Customs to validate against the income or expenditure in the income tax returns. In the future when e-invoicing becomes mandatory and any information in the e-invoice will be shared with Customs.
As long as the taxpayer is able to show his numbers were genuine and were conducted on an arm’s length basis for income tax purposes and transactions were carried out on an open market basis for Customs purposes , there is no legal basis for either authorities to insist that the information provided to the other authorities should be used to uplift or issue additional assessments.
The same error can occur when it comes to importation of services or purchase of local services because service tax is accounted for on a paid basis while income tax is accounted for on an accrual basis. If a proper reconciliation is not done, an incorrect assessment will arise.
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