Latest news with #IROs
Business Recorder
a day ago
- Business
- Business Recorder
Sales Tax Act: Proposed Section 37AA irks businessmen at large
LAHORE: Proposed insertion of a new Section 37AA in the Sales Tax Act has irked businessmen at large, authorizing an Inland Revenue Officers (IROs) to arrest without warrant based on mere suspicion of tax fraud – a power that invites abuse and harassment. They said the provision creates a surveillance state where businesses operate under the constant threat of arbitrary action. This is not tax policy but a systematic harassment institutionalized by law, they added. As per the provision, an IRO can arrest a person involved in a tax fraud or any offence under the Act with prior approval from the commissioner. If delay may let the person escape or it is impractical to get approval, the officer may arrest without it – but he must immediately inform the commissioner with all relevant facts and grounds for arrest. It may be noted that the Sales Tax Act had empowered the IRO to raid a business place and confiscate books of account, computers and business record in case of tax fraud. But the present one provision has proposed arrest of taxpayer to investigate and get a confession on the assumption that a tax fraud may have happened. They said empowering IROs with such an authority would lead to corrupt practices besides harassment. Mustafa Ashraf, a tax consultant, also pointed out that how a commission can extend approval for arrest a taxpayer when he's not present on the spot simply on the statement of IRO regarding a tax fraud. No procedure has been defined and the commissioner would be authorizing IRO on his verbal briefing on tax fraud, he wondered. Also, he added that how an IRO can arrest a taxpayer first and seek an approval from the commissioner in the follow up. Some other tax experts dubbed the said provision as a complete ambiguity. They said the said provision also lacks the procedure regarding pre or post arrest bail of taxpayers. No such opportunity has been given to taxpayers and IRO has been bestowed with unlimited powers. It is nothing but harassment and sole discretion of IROs. Also, the provision does not suggest action against IROs in case their mala fide is established at the end of the whole exercise, they asserted. Copyright Business Recorder, 2025
Yahoo
22-05-2025
- Business
- Yahoo
New Research by Datamaran Uncovers Key Trends in First CSRD Reports from Over 300 Companies Across Europe
Datamaran's new report analyzes 11,000+ Impact, Risk, and Opportunity (IRO) statements to reveal how companies are tackling CSRD compliance and sustainability-related priorities NEW YORK and LONDON, May 22, 2025 /PRNewswire/ -- Today, Datamaran, the global leader in AI-powered risk and governance software, released its latest research report, "CSRD Reports Uncovered: Insights from a Detailed Analysis of 11,000+ IROs from 300+ Companies." This first‑of‑its‑kind study offers a comprehensive view of how companies across Europe are approaching the Corporate Sustainability Reporting Directive (CSRD), with a deep dive into the topics disclosed and how Impacts, Risks, and Opportunities (IROs) were contextualized and presented. The findings shed light on emerging trends in materiality assessments, how companies are interpreting disclosure requirements, and which topics are driving boardroom agendas. Drawing from Datamaran's proprietary data and expert review, the report surfaces key patterns and gaps to help corporate leaders and practitioners benchmark practices, identify blind spots, and prepare for what's ahead. In addition to macro trends, the report offers sector-specific insights on how companies across 11 sectors are interpreting double materiality. It reveals key maturity signals – including whether companies are applying time horizons, disclosing value chain impacts, and distinguishing between actual and potential effects. Key findings include: Negative impacts outnumber opportunities nearly 3 to 1, with 37% of all IROs classified as negative impacts and just 13% as opportunities. This suggests companies are taking a cautious approach and are aligning with the principle of prudence. Climate Change (E1), Own Workforce (S1) and Business Conduct (G1) were reported by 99%, 98% and 92% of companies respectively, whereas Affected Communities (S3), Water (E3), and Biodiversity (E4) appeared in just 36%, 37% and 44% of reports. CSRD statements average 103 pages, virtually unchanged from the pre-CSRD average of 102, yet companies disclosed anywhere from 6 to 130 IROs (most between 25 - 45), highlighting wide variability in materiality thresholds. Companies identified an average of 6 out of the 10 ESRS standards as material, reflecting the broad application of the double materiality lens. Notably, only 14% of companies included any entity‑specific IROs. "As the CSRD sets a new standard for transparency and accountability, our analysis shows that most companies are still building the muscle for continuous, data‑driven management," said Marjella Lecourt‑Alma, CEO and co‑founder of Datamaran. "This report gives corporate leaders a valuable benchmark as they work to evolve from compliance to competitive advantage." The analysis draws on sustainability reports from 304 companies across 21 countries and 57 industries, published between January and April 2025. Click here to download the full report. Contact: Helen Skeen, Senior PR and Content Manager: Logo - View original content to download multimedia: SOURCE Datamaran Limited Sign in to access your portfolio
