Daily The Business

Over 5,000 apply for Tax Amnesty Scheme: FBR

By Our Staff Correspondent

ISLAMABAD: The number of people to apply for Tax Amnesty Scheme continues to rise as more than 5000 people have applied under the scheme, Federal Board of Revenue (FBR) said on Wednesday. In a statement issued on Wednesday, it has been decided to register prize bonds worth Rs40,000 and the State Bank of Pakistan (SBP) will release a circular in the coming days in this regard.
The statement further stated that the number of those seeking amnesty would increase once the prize bonds are registered. On the other hand, the FBR has collected the data of those using expensive cars and travelling by air and banks will also provide complete required data by June 15, the statement added.
No relief given to non- filers
Federal Board of Revenue (FBR) has clarified that no relief has been given to non-filers in connection with purchase of vehicle and non-moveable property in new finance bill.
The clarification issued by FBR said in fact the legal status of non-filers has been abolished in new finance bill.
According to FBR all people have to file taxable income as per Income Tax Ordinance and in the event of non filing taxable income on big financial transaction, a complete methodology has been evolved under 10th schedule. Such persons will have not only to pay 100 percent more tax on withholding stage but can also be liable to fine and punishment on hidden income.

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