ISLAMABAD: Finance Minister Shaukat Tarin on Friday warned tax evaders and potential taxpayers to pay their liabilities before harsh actions initiated against them.
At the launching of National Sales Tax Return, by Federal Board of Revenue (FBR), he asked the unregistered potential taxpayers to initiate paying taxes before the government reaches them within a couple of months with documentary evidence of their assets.
“I assure the nation that change is taking place, we are making use of technology and will reach all potential taxpayers.
Tarin said that with the help of technology, the government would reach to all those persons who have taxable assets but were not paying taxes adding that there was now no need to issues notices as the government was already possessing date of millions of taxpayers.
He said, the authorities would reach the tax-avoiders and provide them the tax returns with an opportunity to prove it wrong by consulting panel of auditors or pay the due taxes.
“We will not harass, we will tell them what they possess. If they don’t pay, then the law would take its own course,” he added.
Meanwhile, the minister congratulated federal and provincial revenue divisions for coming on a single platform and making payment of revenues easy for taxpayers.
He said, since sales tax on goods was federal domain and sales tax on services was coming under provinces, hence it was creating hardships for taxpayers.
Now, under the single platform, the taxpayers would be facilitated, adding that in previous system, if a company was operating in all the provinces, it had to deal with around seven agencies for filing returns, with chances of errors. However, now they would be required to file single tax under the new system.
He said that the government was also working on further harmonization of system to facilitate taxpayers and expressed the hope that ease in tax deposit system would help enhance revenues.
The minister said that three was no other way, if the country had to progress and prosper, there is need to enhance revenue collection. He cited example of Germany where he said there was no representation without taxation.
He lamented that there were only 3 million taxpayers out of 220 million population in the country.
He said, out of around Rs18 trillion retail sales, only Rs3 to Rs4 trillion were captured and Rs14 million sales are still missing from the tax system.
Prior to these instructions the SBP issued BC&CPD Circular Letter No. 01 dated February 01, 2021 and File Letter No. BC&CPD/O&SSD/BVS/5873 dated May 27, 2021 on the subject.
The Finance Division issued a letter on December 08, 2021 on the subject of Biometric Verification Service, contents of which are self-explanatory, the central bank said.
The said instructions of bio metric verification service are for pensioners drawing pension from AGPR Islamabad. All banks are advised to comply with the instructions contained therein.
Further, all banks are advised to ensure widespread publicity of the above initiative through branches and other means for awareness of the pensioners.
Currency experts said that banks had provided sufficient dollars during the day which supported the rupee value. They said that the banks had received the foreign currency under the head of export receipts and workers’ remittances.
The experts said that the market witnessed demand for dollar for week-end import payments. They said that the market would close next two days due to weekly holidays.
The rupee recovered sharply during the last two days of the year 2021 and closed the year at Rs176.51 from the lowest level of Rs178.24 to the dollar on December 29, 2021.
The experts said that ease in import bill in month on month basis also supported the local unit to make recovery. The import bill eased to $6.9 billion in December 2021 as compared with $7.9 billion in November 2021.
Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for January 07, 2022, providing customers with essential information based on the weighted average rates of commercial banks.
KARACHI – The Federal Investigation Agency (FIA) has summoned representatives of Binance, a leading international buy/sell platform for cryptocurrencies, as part of an investigation into a scam that has left many Pakistanis deprived of billions of rupees.
The rate of Bitcoin in US Dollar (USD) is $41,814.74 on January 07, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $43,012.24 on January 06, 2022.
Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
The rate of Ripple in US Dollar (USD) is $0.75 on January 07, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.76 on January 06, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
The rate of Dogecoin in US Dollar (USD) is $0.15 on January 07, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.16 on January 06, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.