FBR refutes news saying new Finance Bill allowed non-filers to purchase immovable property
Federal Board of Revenue (FBR) has strongly refuted the news appearing in some sections of 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.
It explained that under Income Tax Ordinance, every person earning 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.