President Arif Alvi publicizes tax laws including new penalties for non-filers
President Arif Alvi circulated new tax laws, directing the authorities to detach mobile phones/SIMS, electricity, and gas connections of individuals who are obligated to file income tax but fail to be on the Active Taxpayer List (ATL).
President Arif Alvi publicized the Tax Laws (Third Amendment) Ordinance 2021 for letting the Federal Board of Revenue (FBR) share its data with the National Database and Registration Authority (NADRA) with the objective to widen the tax net.
According to the ordinance, NADRA should share its record and any info present or hold by it with the board.
The ordinance includes strict penalties for individuals who do not file tax returns. a penalty of Rs 1,000 per day of default has been containing in the Ordinance.
The government too rise the amount of penalty for tier-1 retailers who are not cohesive with the FBR and executed an extra advance tax on rates starting from 5% to 35% on authorities using domestic electricity influences.
The Ordinance classifies professionals as accountants, lawyers, doctors, dentists, health professionals, engineers, architects, IT professionals, tutors, trainers, and other individuals involved in the facility of services.
Furthermore, the government has left out steel and edible oil segments from the charge of additional tax.
The Tax Laws (Third) Amendment Ordinance 2021 has given the right of plea to importers against estimate ruling with the FBR Member Customs Policy.
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