Business

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.