• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Economy

Arif Alvi promoted new tax laws with penalties for non-filers.

by News Desk
September 17, 2021
in Economy
Reading Time: 2 mins read
Arif Alvi
Share on FacebookShare on Twitter

President Arif Alvi has issued new tax regulations that allow officials to disconnect mobile phones/SIM cards, electricity, and gas lines of those who are obligated to file tax returns but do not show on the Active Taxpayer List (ATL).

The president signed the Tax Laws (Third Amendment) Ordinance 2021, which authorizes the Federal Board of Revenue (FBR) to exchange data with the National Database and Registration Authority (NADRA) in order to widen the tax net.

According to the ordinance, NADRA must share its records and any information accessible or maintained by it with the Board.

The ordinance imposes severe fines on anyone who fails to file tax returns. The Ordinance includes a penalty of Rs 1,000/- each day of noncompliance.

The government has also increased the penalty for tier-1 merchants who are not integrated with the FBR and levied an extra advance tax on professionals using home power connections ranging from 5% to 35%.

The Ordinance defines professions such as accountants, attorneys, physicians, dentists, health experts, engineers, architects, information technology professionals, tutors, trainers, and others who provide services.

Sales tax rules in the Ordinance

The government has given fat-filled milk, including those sold in retail packaging under a brand name or trademark, a sales tax exemption.

The Ordinance provides for a reduced rate of 16 percent sales tax on supplies made by POS integrated outlets where payment is made digitally; a discounted amount of 14 percent on meltable scrap imported by steel melters; a reduced rate of 5 percent on the import of electric vehicles in Completely Built-Up (CBU) condition; and a reduced rate of 16.9 percent sales tax on business supplies.

Furthermore, the government has exempted the steel and edible oil industries from further taxation.

FBR gives legal cover to foreign remittances, right of appeal to importers

The FBR has given statutory protection to foreign remittances received through foreign currency accounts of Overseas Money Service Bureaus (MSB), Exchange Companies (ECs), and Money Transfer Operators (MTOs) through the new Ordinance for granting income tax exemption under Section 111(4) of the Income Tax Ordinance, 2001.

The Tax Laws (Third) Amendment Ordinance 2021 granted importers the opportunity to appeal valuation rulings with the FBR Member Customs Policy.

Tags: Arif AlviNon-filersTax laws
News Desk

News Desk

Related Posts

Intra-day update: KSE-100 up over 450 points

Intra-day update: KSE-100 up over 450 points

The Pakistan Stock Exchange (PSX) saw positive sentiment as the benchmark KSE-100 Index gained more than 450 points during the first...

CPEC projects gave new shade to Pakistan’s economy says Info Minister

CPEC projects gave new shade to Pakistan’s economy says Info Minister

Pakistani Minister for Information and Broadcasting Murtaza Solangi has said projects initiated with Chinese investment under the China-Pakistan Economic Corridor...

Pakistan Signs Free Trade Deal with Gulf Cooperation Council

Pakistan Signs Free Trade Deal with Gulf Cooperation Council

The Gulf Cooperation Council (GCC) and Pakistan have "initialized" a free trade deal, according to the GCC through messaging platform...

Pakistan issues tender for LNG cargoes to meet winter demand

Pakistan issues tender for LNG cargoes to meet winter demand

To meet its winter needs, Pakistan has issued a fresh tender to procure liquefied natural gas (LNG) spot cargoes after...

Sudden drop in gold prices shakes Pakistan's market

Sudden drop in gold prices shakes Pakistan’s market

On Wednesday, the price of a tola of 24-karat gold in Pakistan was Rs205,000, with ten grams costing Rs175,754 in the...

British Pound Surges Against Pakistani Rupee: Check Latest Rate

British Pound Surges Against Pakistani Rupee: Check Latest Rate

The British pound (GBP) increased significantly against the Pakistani rupee (PKR). According to the State Bank of Pakistan (SBP), the...

Next Post
PBM Panahgah Application

Pakistan Bait-ul-Maal introduced Panahgah Application.

Please login to join discussion

Recent Posts

  • Interbank Closing Currency Exchange Rates in Pakistan by SBP – October 2, 2023
  • Cnergyico imports Pakistan’s first private-sector Russian crude cargo
  • Pakistan doctor, mechanic arrested for illegal transplant surgeries
  • Gold Prices Decline in Pakistan: Check the Latest Rates
  • Canada introduces a new fast-track immigration program: here’s how

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk