FBR refutes news stating that new Finance Bill allowed non-filers to purchase immovable property
ISLAMABAD - Federal Board of Revenue (FBR) has strongly refuted the news appearing in some sections of the press which states that the new Finance Bill has allowed the non-filers to purchase immovable property or cars.
In a clarification statement on Tuesday night, it said the actual position is that the whole system of recognizing a non-filer as a legal entity has been done away with in the new Finance Bill, the Radio Pakistan reported.
It explained that under Income Tax Ordinance, every person earning a taxable income should file his Income Tax Returns and, in case of failure of filing of Returns by persons involved in significant monetary transactions, a complete mechanism has been provided in the newly inserted 10th Schedule.
It said such persons will not only have to pay 100% more tax at withholding stage but will also be automatically assessed to tax and his imputable income will be treated as concealed income liable to penalties and prosecution.
- How much does Ahmed Shah earn from Fahad Mustafa’s Jeeto Pakistan?08:41 PM | 23 May, 2020
- Zara Abid presumed dead, not amongst the survivors of PIA plane crash05:13 PM | 23 May, 2020
- Netflix announces Élite season 4 with returning cast members04:07 PM | 23 May, 2020
- When Is Eid Al Fitr 2020? ... So The Curiosity Begins!06:42 PM | 12 May, 2020
- Top five health benefits of eating watermelon04:08 PM | 7 May, 2020
- How to lose weight during Ramadan Kareem03:18 PM | 28 Apr, 2020
- Ramadan 2020: Keep yourself healthy with these 5 nutritional tips12:49 PM | 23 Apr, 2020