The Federal Board of Revenue (FBR) is contemplating to provide relief to the taxpayers affected in a reaction to Ashura blast. For the purpose, the FBR is going to approach Sindh government to obtain complete details of the affected businessmen to sort out genuine taxpayers.
Talking to Business Recorder on Monday, Imtiaz Ahmad Barakzai, chief commissioner of the Regional Tax Office (RTO), Karachi said that the department has planned to send letters to the provincial revenue and home departments to ask the business details of the affectees.
He said that the board is of the view that registered persons should only be compensated by the government as the veracity of losses claimed by the affected businessmen could only be confirmed through tax returns that depict the volume of businesses. He said that the National Tax Number (NTN) is the only way to identify the genuine taxpayers. Hence, the tax collecting authority is approaching the provincial government to sort out taxpayers among affected businessmen.
He said: "There is no other way to countercheck the claims of losses but to ascertain it through tax returns. Consequently, the board suggests the authority concerned to compensate the losses of those businessmen, having documented evidence". He said that in terms of tax relief, the department would welcome taxpayers affected in a pandemonium triggered after Ashura blast and added that the Income Tax Ordinance, 2001 has also a provision for the adjustment of business losses.
According to the provision, "where a person sustains a loss for a tax year under the head 'Income from Business'; the loss that has not been set off shall be carried forward to the following tax year and set off against the person's income chargeable under the head 'Income from Business' for that year".
Comments
Comments are closed.