Mistakenly Updated Increase In Car Token News Been Corrected: FBR

  • For token payment and car registration, the Federal Revenue Board firmly rejected the conviction that the tax rate was altered in the economic budget 2019.
  • FBR starts taking action against tax evaders
  • Amnesty scheme availed by 110,000 people: FBR

 

On Tuesday it has been observed, following inspection, that a typographical misconception was formed which had been corrected by the 2019 Finance Act, according to a statement published by the FBR.

The tax rate is the same as last year for token payment and car registration, verified the statement. The level of taxation is not improved or reduced. The statement by FBR also stated that no tax on personal vehicles on the basis of seating capacity has been levied.

Nevertheless, individuals who have not submitted tax returns will pay twice as compared to those who are on the Active Taxpayer List.

Anyone who considers he is not entitled to pay tax is obliged to inform the FBR in advance of the possibility of being exempted from paying this extra tax.

 


Read More: No One Is Superior to The Law, Chief Justice Openly Declared Against Corruption

 

 From the news section of FBR, here are some of the developing stories happened today.

  • After the government's amnesty system came to an end on July 3, FBR will begin taking legal intervention on a number of tax evaders. In order to gather the appropriate data on rich evaders, the FBR has published directives for the department concerned.
  • ICYMI: the earlier unreported property amnesty system terminated on 3 June. The FBR states that 110,000 individuals have taken advantage of the amnesty system. This amount, however, will reach 135,000, given that 25,000 individuals' have pending cases.

PTI govt has ended its extension to declare benami assets on July 3 and with it also ended the chance to declare any previously undeclared assets. 

The FBR shut its online portal and Shabbar Zaidi Chairman of the FBR said that the information has gathered for 110,000 individuals. He thinks that this figure will reach 135,000 because there are still 25,000 cases that are pending.

The amnesty system was used by 84,000 individuals and the state earned Rs124 billion in revenue last year. To date, Rs 70 billion has been gathered by the FBR in income from individuals using the system this year.

The amount of tax return filers has also risen, according to officials of the FBR. In 2017-2018, 1,733,000 individuals filed tax returns, an increase of 267,000 to 2 million.

In order to record the economy and promote more individuals to pay their taxes, the state implemented the amnesty system. More individuals want to submit their tax returns, which are a component of the economy's documentation. Despite the IMF's claim that it was not a fan, govt implemented it.

Pakistan has entered into a three-year IMF programme, making policy modifications (such as tax schemes) in order to fulfill the requirements of the IMF. But in all incidents, the government of PTI implemented and encouraged Pakistanis to use the amnesty system.

Pakistan has entered into a three-year IMF programme, making policy modifications (such as tax schemes) in order to fulfill the requirements of the IMF. But in all incidents, the government of PTI implemented and encouraged Pakistanis to use the amnesty system.


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