FBR collects Rs152 billion as income tax from salaried persons
KARACHI: The Federal Board of Revenue (FBR) has collected Rs152 billion as income tax from salaried persons during the fiscal year 2020/21.
According to the annual revenue report issued by the FBR, the tax authorities collected Rs152 billion in the fiscal year 2020/21, compared with Rs129 billion in the preceding fiscal year, showing a growth of 18 per cent.
The rate of tax for salaried income remained unchanged for the fiscal year under review. However, the revenue board attributed the growth in tax collection under the head of salary income to proper revenue budget planning by the tax offices and the incentives package offered by the government, including issuance of refunds.
Further, the revenue growth has also been attributed to the seasonal incentives, bonus, termination packages, performance allowance, etc.
The salary income has been defined under Section 12 of the Income Tax Ordinance, 2001. It explained that any pay, wages or other remuneration provided to an employee, including leave pay, payment in lieu of leave, overtime payment, bonus, commission, fees, gratuity or work condition supplements would constitute the salary income.
The salary income would also include the amount of any allowance provided by an employer to an employee, including the cost of living, subsistence, rent, utilities, education, entertainment or travel allowance, but would not include any allowance solely expanded in the performance of the employee’s duties of employment.
The FBR said the revenue from the salary income was also increased due to the enforcement measures against high net-worth individuals, including chief executive officers (CEOs), directors and other heads of corporate entities.
The revenue body said to develop a 360 degree view of the taxpayers, the data sources such as banks, vehicles and real estate transactions have been captured and a database has been developed.
Based on this data bank, notices to more than 200,000 high net-worth unregistered persons have been issued. The sources said most of the high net-worth individuals had made compliance with the notices.
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