Persons not on new ATL to pay 100% additional withholding tax

Mar 3

Taxation

Persons not on new ATL to pay 100% additional withholding tax

KARACHI: Persons who have failed to submit their annual income tax returns and declaration of assets for tax year 2019 will pay 100 percent additional withholding tax on certain transactions, sources in Federal Board of Revenue (FBR) said on Monday. They said that those taxpayers availing the benefit of reduced rate of withholding tax on […]

by Anjum Shah

Jun 26

Money & Banking, Taxation

SBP relaxes tax non-filer condition

KARACHI: The State Bank of Pakistan (SBP) on Wednesday relaxed non-filer condition for depositing into to foreign currency accounts in order to facilitate declarants of tax amnesty scheme 2019. Referring Assets Declaration Ordinance, 2019 (ADO), the central bank said that the Ordinance had been promulgated with a view to provide for voluntary declaration of undisclosed […]

by Faisal Shah

No provision for non-filers to purchase immovable property, motor vehicle: FBR

Jun 12

Taxation

No provision for non-filers to purchase immovable property, motor vehicle: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that no such provision was proposed through Finance Bill 2019 to allow non-filers to purchase immovable property or motor vehicles. In a statement on Wednesday, the FBR strongly refuted the news appearing in some sections of press which states that the new Finance Bill has allowed the […]

by Faisal Shah

Foreign Remittances: Non-filers get exemption on cash withdrawal

Mar 14

Exclusive, Taxation

Foreign Remittances: Non-filers get exemption on cash withdrawal

KARACHI: The government has granted exemption from deduction of income tax on cash withdrawal by non-filers from Pak Rupee bank accounts, which have been opened for receiving foreign remittances. Through Finance Supplementary (Second Amendment) Act, 2019 a clause 101A has been inserted to Second Schedule of Income Tax Ordinance, 2001. It said: “The provisions of […]

by Faisal Shah

Advance tax rates enhanced by 50pc for non-filers on motor vehicle purchase

Mar 13

Supplementary Budget 2019, Taxation

Advance tax rates enhanced by 50pc for non-filers on motor vehicle purchase

KARACHI: The government has allowed non-filers to purchase locally manufactured motor vehicles but at the same time the advance tax rates for non-compliant taxpayers have been increased by 50 percent. Federal Board of Revenue (FBR) said that the rates have been revised upward on purchase and registration of new locally manufactured cars by non-filers and […]

by Faisal Shah

Motor vehicle purchase restriction on non-filers withdrawn

Mar 12

Budget, Supplementary Budget 2019, Taxation

Motor vehicle purchase restriction on non-filers withdrawn

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase locally manufactured motor vehicles. According to Finance Supplementary (Second Amendment) Act, 2019, the government lifted the mandatory condition of return filing for purchase of motor car. Further through the Act, non-resident Pakistani citizens holding international passport have also been allowed to registered […]

by Faisal Shah

Legislation to encourage tax non-compliance

Mar 9

Exclusive, Taxation

Legislation to encourage tax non-compliance

KARACHI: All efforts of tax collecting agency in broadening of tax base will be in vain due to changes introduced to tax laws by the present government, which allows non-compliant taxpayers to make transactions. The government through Finance Supplementary (Second Amendment) Bill, 2019, which was passed by the national assembly, allowed non-filers of income tax […]

by Faisal Shah

KTBA requests FBR to include late-filers’ name into ATL

Mar 7

Taxation

KTBA requests FBR to include late-filers’ name into ATL

KARACHI: The Karachi Tax Bar Association (KTBA) on Thursday requested tax authorities to include names of late filers of income tax returns, who already applied for extension, into Active Taxpayers List (ATL). The KTBA requested the chairman of Federal Board of Revenue (FBR) to issue instructions for inclusion of the names of those taxpayers who […]

by Faisal Shah

Local car assemblers to be beneficiary on concession to non-compliant taxpayers

Mar 7

Taxation

Local car assemblers to be beneficiary on concession to non-compliant taxpayers

KARACHI: The local car assemblers are main beneficiary of the government decision to allow non-compliant taxpayers for purchasing motor vehicles, analysts said on Thursday. A day earlier on floor of the house Finance Minister Asad Umar presented this proposal to the Finance Supplementary (Second Amendment) Bill, 2019 to allow non-filers of income tax returns to […]

by Faisal Shah

Non-filers allowed purchase of locally assembled vehicles

Mar 6

Supplementary Budget 2019, Taxation

Non-filers allowed purchase of locally assembled vehicles

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity. Finance Minister Asad Umar in his speech on floor of the house on Wednesday while passing the Finance Supplementary (Second Amendment) Bill, 2019, said that in order to address the concerns of local […]

by Faisal Shah