ISLAMABAD – Federal government is planning another tax amnesty scheme,media report has claimed.
The government is planning to introduce another tax amnesty scheme toattract non-filers into the tax net and attach incentives against whiteningthe untaxed money kept at home or abroad.
According to a media report, work on the new scheme is in progress toprovide sufficient time to people to avail the scheme before theimplementation of the International Monetary Fund (IMF) program. It will bedifficult for the government to announce such incentives after securing thebailout package from the IMF.
Moreover, the report further states that the Federal Board of Revenue ismulling over several options like the ease of filing returns, givingincentives for return filing, and dispatching emails to potential taxpayersregarding the exact amount of tax and asset details they are required tosubmit.——————————
“We have financial transactions data and other material collected fromNational Database and Registration Authority,” states the report citing anofficial of Finance Division.
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The FBR has gathered data from numerous resources like utilitycorporations, banks, car manufacturers, and the immigration department etc.to locate wealthy individuals whose names do not appear on the tax rolls.
People who have not registered on the tax rolls, but possess untaxed wealthand reside in posh areas, will be targeted. If a person fails to complywith the notice, a provisional assessment will be conducted.
The individual will still have the option to file a return along with awealth statement and reconciliation within 60 days. By this duration, theprovisional assessment order will automatically be initiated.
