KARACHI: The Federal Board of Revenue (FBR) has decided to take ‘penal’ action against more than 125,000 noncompliant individuals who are yet to file returns for the tax year 2018, reported The News.
Individuals who had received notices for non-filing of income tax returns for the tax year 2018 are allowed to file their returns with payment of nominal amount of fine to avoid penalties.
According to the report, the Regional Tax Office (RTO)-II Karachi identified more than 125,000 individuals, who filed their income tax returns for tax year 2017, but they couldn’t file their income tax returns for tax year 2018.
Last date for returns filing of tax year 2019 is October 31.
Sources quoted in the report said the RTO-II Karachi issued notices to the non-compliant taxpayers to file their income tax returns and wealth statement for tax year 2018.
“In case the identified persons deliberately failed to comply with the legal requirement then provisions related to fine and penalties would be invoked,” an official at the tax office said.
The FBR received around 2.64 million income tax returns for tax year 2018, which was 1.84 million for tax year 2017.
During the past three years, the FBR launched various strategies for increasing the number of income tax return filers. These efforts included encouraging salaried and business individuals to comply with legal obligation.
Besides, the FBR also increased rates of withholding tax on various transactions for non-filers of income tax returns.
Most of the Individuals have been migrating or migrated overseas.
Policy of impotency by FBR is major reason,A large number of indivduals who steal money are not penalized and they easily move Dubai and other such heavens. Unless punishment is given no body will pay voluantry tax. Corruption is so rampant that no government can tackle this issue .FATF has already given warning and rightly advised to bring Jewellery , electronic and car dealers ,realestate dealers to bring to books and cheeck their wealth.Iam sure these jewellers are involved in terror financing