ISLAMABAD: Federal Board of Revenue (FBR) has issued draft valuation of immovable properties for various cities, which will be applicable from July 01, 2019.
The FBR issued the draft valuation tables for various cities for views and comments and asked the stakeholders to submit their input / feedback by June 30, 2019.
The new revised rates are intended to be applicable from July 01, 2019.
ISLAMABAD: Federal Board of Revenue (FBR) will launch major crackdown against Benami assets from three major cities including Islamabad, Karachi and Lahore, a statement said on Friday.
It said that The Benami Transactions (Prohibition) Act, 2017 has become operative since March, 2019. Federal Board of Revenue is the focal authority under this Act. The matter of proper implementation of Benami Transactions (Prohibition) Act, 2017 will be monitored by the Chairman.
Administrative structure has been set up to implement the Benaami Act-2017. In this regard, an Adjudicating Authority is being formed and Benaami Zones are being established which will become effective very soon. Initially Benaami Zones will be established in three big stations Karachi, Lahore and Islamabad.
A person can avail Assets Declaration Ordinance- 2019 before 30th June if he has not declared the Benaami properties yet. In case of non-compliance, he will be held accountable under Banaami Act-2017.
Ms. Nausheen Javaid Amjad, Member Taxpayers Audit, FBR (HQ), Islamabad is the National Coordinator for implementation of Benami Transactions (Prohibition) Act, 2017.
The Pakistani Rupee (PKR) strengthened against the US Dollar on Friday, gaining 13 paisas, buoyed by improved inflows of remittances and reduced demand for import payments. The rupee closed at PKR 156.83 to the dollar, compared to the previous day’s closing rate of PKR 156.96 in the interbank foreign exchange market.
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KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Friday announced that it will collect Capital Gain Tax (CGT) on disposal of securities for the month of May on June 28, 2019.
(more…)KARACHI: Federal Board of Revenue (FBR) has warned the owners of luxury motor vehicles of harsh punishment in case they are remained non compliant and failed to declare these vehicles under Asset Declaration Scheme.
In this regard the Regional Tax Office (RTO)-II Karachi has obtained details of 13,193 luxury vehicles from Excise and Taxation department Sindh.
The owners of such vehicles have been living luxurious life without paying due taxes. The break up is under: Hilux/Vigo 9230; Land Cruisers 1605; Prado 1970; Audi 45; Mercedes Benz 272; and BMW 71.
The owners have been informed by the RTO-II regarding the opportunity provided by Assets Declaration Ordinance 2019 to disclose such vehicles and other undeclared or Benami Assets by the June , 2019 to avoid confiscation and imprisonment up to seven years.
KARACHI: People will find no place to conceal their untaxed money from next month as Federal Board of Revenue (FBR) planned a comprehensive plan to bring all taxable income into tax net, Badaruddin Ahmad Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II, Karachi at a press conference on Thursday.
He said that FBR had gathered information of people having taxable income through various sources including transactions of immovable properties, motor vehicle registrations, banking transactions, air travel, education fee etc.
He further said that the information of Pakistanis, having offshore investments on which tax was not paid, had also received.
Further, the Benami law, which was passed by the Parliament in 2017 and the FBR issued rules in February 2019, is also in vogue.
So in this scenario a person will not able to hide his illegal money or assets in future, the chief commissioner added.
Qureshi said that the present Asset Declaration Scheme was introduced in this background as the government wanted to give last chance to people having illegal money and assets to declare at nominal tax rates before launching stern action.
The CCIR said that the declaration scheme would end by June 30 and there would be no further extension.
“This is the last chance. People should avail this opportunity. The FBR will launch drive against tax evaders from July 01,” he added.
He said that the RTO-II Karachi had also collected information from various sources and one of those were details of luxury motor vehicles.
“There are 13,000 motor vehicles of 2400CC engine capacity in the city and their owners are not on the tax roll,” the chief commissioner said, adding that those persons would be served notices from July 01, 2019 and tax authorities would compel them to file their return and pay duty and taxes besides declaring their assets.
To a question about the progress of amnesty scheme, he said that the response was slow but historically people avail opportunity on the last dates, he said and hoped large number of declaration would be received.