ISLAMABAD – President Arif Alvi on Friday promulgated new tax legal guidelines, empowering the authorities to disconnect cellphones/SIMS, electrical energy and gasoline connections of individuals who’re required to file tax returns however fail to seem on the Lively Taxpayer Checklist (ATL).
The president promulgated the Tax Legal guidelines (Third Modification) Ordinance 2021 for permitting the Federal Board of Income (FBR) to share its information with the Nationwide Database and Registration Authority (NADRA) with the target to broaden the tax internet.
NADRA shall share its data and any info accessible or held by it with the Board, as per the ordinance.
The ordinance incorporates strict penalties for individuals who don’t file tax returns. A penalty of Rs 1,000/- per day of default has been included within the Ordinance.
The federal government has additionally elevated the quantity of penalty for tier-1 retailers who will not be built-in with the FBR and imposed an extra advance tax on charges starting from 5% to 35% on professionals utilizing home electrical energy connections.
The Ordinance identifies professionals as accountants, legal professionals, medical doctors, dentists, well being professionals, engineers, architects, IT professionals, tutors, trainers, and different individuals engaged within the provision of companies.
Furthermore, the federal government has excluded metal and edible oil sectors from the cost of additional tax.
The Tax Legal guidelines (Third) Modification Ordinance 2021 has offered the correct of attraction to importers towards valuation ruling with the FBR Member Customs Coverage.