Islamabad: Federal Board of Revenue (FBR) has decided to grant a one-time opportunity to the taxpayers who have paid their tax under the Assets Declaration Ordinance-2019 but somehow could not file their declarations.
The Assets Declaration Ordinance, 2019 was promulgated on May 14th, 2019, for payment of tax and declaration of corresponding assets by June 30th, 2019. The due date was extended till July 3rd, 2019.
Taking cognizance of the hardship caused and to facilitate the aggrieved citizen taxpayers, FBR has decided to allow the filing of declarations for all those citizen taxpayers who have deposited tax under the Ordinance within the due date of July 3rd, 2019 but could not file their declarations due to any reason.
The system has been enabled for this purpose and all taxpayers can now file their declarations between September 10th, 2021, till September 25th, 2021.
This is a special dispensation granted under Section 7 of the FBR Act, 2007.
Meanwhile, the FBR Chairman on Friday also chaired a meeting to review the progress of the PM’s Relief Package to the Construction Industry.
Federal Board of Revenue’s Policy Wing gave a detailed briefing to the Federal Board of Revenue Chairman, Dr Muhammad Ashfaq Ahmed about the progress made on the Prime Minister’s Relief Package for the Construction Industry.
IR Policy Member assisted by IR Policy Chief informed the Chairman that so far 1321 persons have registered themselves through the online system of FBR in 2125 projects. Out of these registered projects, 1775 are new projects whereas 350 are existing projects. The total declared investment made in these registered projects comes to Rs493 billion.
PM’s Construction Package was introduced through Tax Laws (Amendment) Ordinance, 2020 on 19th April 2020.
The salient features of the package include fixed tax for builders and developers, immunity from probes and concessions from withholding of taxes. FBR has provided all the required facilitation to the beneficiaries of the package which include the establishment of a dedicated web page, a dedicated email to address inquiries and an online step by step guide for the builders and developers. Besides, a comprehensive set of FAQs for potential buyers and investors was developed which is available on the FBR website. Moreover, wide publicity through media campaigns was also done to maximize the gains of this relief package.
FBR Chairman directed that ease of doing business must be ensured to the registered projects under the PM’s Package for Construction Sector. He further desired that regular updates on the progress be communicated through media every week.
Earlier, Khyber Pakhtunkhwa’s Minister for Finance Taimur Saleem Khan Jhagra called on FBR Chairman here at FBR HQ. Mr Zafar Ali Shah, Senior Member Khyber Pakhtunkhwa Board of Revenue and senior associate Anum Saeed also attended the meeting.
During the meeting, the matters of mutual interest between FBR and KPRA were discussed. It was agreed in the meeting that both revenue collecting agencies would share data and information for the realization of maximum revenue.
FBR and KPRA would evolve meaningful mechanisms on Agriculture Income tax to maximize revenue potential. Both sides agreed to iron out differences about Sales Tax on services related to four important sectors including construction, restaurants, transport & communication, and toll manufacturing.
The KPK Finance Minister hoped that both FBR and KPRA would develop an enduring system to build close cooperation to identify potential taxpayers and increase revenue. FBR Chairman reiterated his commitment to developing a close working relationship between FBR and KPRA.
