Govt to launch online sales tax system today

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–FBR chief says FIA or NAB will not act against those who will avail amnesty scheme

 

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday announced that the sales tax system has been made functional and will be put up online from Sunday.

Talking to a news channel, Zaidi spoke about the benefits of the government’s tax amnesty scheme titled ‘Tax Do Pakistan Ki Khatir’.

The FBR chairman said that the tax amnesty scheme was first introduced in 1960, adding that those who will take benefits from the amnesty scheme would not be probed by the FIA or any other anti-graft body.

Defining the meaning of term ‘benami’, Zaidi said that it is used in the property which is transferred to one person for consideration but paid by another person.

SBP

He said that talks are underway with State Bank of Pakistan (SBP) to increase the cash deposit ratio so that it can be more than $10,000.

“According to a law of SBP, no one can deposit more than $10,000 in the SBP. Negotiations with the authorities of the SBP are underway to increase the deposit amount to more than $10,000,” he added.

GOLD

He said that jewellery is not included in the amnesty scheme but those who have gold in the shape of stock have to pay tax.

PRIZE BONDS

Zaidi said that registration of prize bonds is compulsory now as bonds of Rs40,000 would be considered useless if not registered.

DUBAI PROPERTIES

Zaidi revealed that people usually declare their properties in Dubai but do not show the rent. “A team will be sent to Dubai in this regard on June 24 to investigate the matter.”

He said that those who have purchased the property through legal terms should relax as they are free from trouble.

TAX FILING SYSTEM

The FBR chairman said that the government is making the tax filing system easy for people, adding that the govt is decreasing the difference between the purchased value of a property and the actual value of property.

SMUGGLED CARS

He said there will be no amnesty scheme on smuggled cars.

The FBR chairman said that the institute was collecting data of individuals whose ratio of tax is low.

He once again ruled out any possibility of extension in assets declaration scheme deadline.

The FBR chairman said tax data has been made available to the people as citizens will now be able to get information through FBR and NADRA’s online database.

However, he said, one will not be able to get personal information about other person.

6 COMMENTS

  1. دس ہزار ٹیکس دینے کے 20 ہزار وکیل کو دینے پڑتے ہیں پاکستان کا کوئی قانون سیدھا نہیں

  2. اور کچھ نہیں بن پاتا تو کم از کم ٹیکس کا فارم آسان اردو میں دو
    انگریزی فارم شیطان کی آنت کی طرح لمبا اور نہ سمجھ میں آنے والا ہے

  3. Please make tax form easy and understandable, so that people at least fill it properly without getting help of income tax advisors.

  4. Make a Tax form connect with all Bank when you fill the Tax Return Form that time your display say your Bank A/C this and this Bank and your Turnover full year this amounts and now your Bank Balance is that so, your automatic turnover tax deduct from your Bank Account of full year . This is simple and easy for everybody and no need Advocate and unnecessary paper and everyone like to pay Tax.

  5. Summary of Example :
    =================

    Turnover & Balance 01 July 2018 to 30 June 2109
    =======================================

    TURNOVER : BALANCE :
    ========== ========
    MCB Bank : _________ Balance :_______
    UBL Bank. : _________ Balance :_______
    HBL Bank. : _________ Balance :_______
    ABL Bank. :_________ Balance :_______
    NBP Bank. :__________ Balance : ______

    ========= ===========
    Total. :
    ========= ==========

    Tax on Turnover : ? %
    Direct tax deduct from Bank A/C

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