PM’s tax incentives package for defaulters set to expire on 30th

* Those who have not filed their tax returns or paid income tax during last 5 years can benefit from scheme by paying Rs 20,000 per annum as final tax liability

ISLAMABAD: Deadline for availing the government’s tax incentives for avoiding tax penalties, additional taxes and fine is expiring on April 30, 2014. 
Tax defaulters who have not filed their returns or paid their due income tax during the last five years (2008-2013) can avail the incentive by paying Rs 20,000 per annum as final tax liability for each year for permanent amnesty. Officials in the Finance Ministry told Daily Times that this facility was available for National Tax Number (NTN) holders who were unable to submit their tax return during the specified period.
Non-NTN holders shall also be exempt from audit, additional tax and penalty if they file their returns by 30-4-2014 and pay Rs 25,000 tax for each return, they maintained. The incumbent government has not introduced any amnesty scheme to give tax concessions.
However, in order to attract investment, create direct and indirect job opportunities and increase tax revenue, a Prime Minister’s Tax Incentive Package has been introduced by the government. This incentive package is sometimes mistaken for an amnesty scheme.
Under the package, taxpayers are exempted from the audit proceedings if the tax paid for the tax year 2013 is at least 25% more than the tax year 2012. The officials further claimed that so far, notices requiring filing of returns have been issued to 77,375 potential taxpayers during the current financial year. In response to these notices, around 6,500 persons have filed their returns.
They also claimed that the government always took various steps to improve the efficiency and effectiveness of the Federal Board of Revenue (FBR), which is a continuous process. 
They said that officers of the board who failed to achieve the set targets were transferred from key positions. The performance of field offices in achievement of targets is regularly and diligently monitored, they added. To another quarry, the officials said the country was confronting considerable challenges that adversely affected the economy: a difficult external environment, high international oil prices, two major floods, continued security problems, energy shortages and difficult investment climate. 

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