KARACHI: Federal Board of Revenue (FBR) has directed its field formation to initiate penalty proceedings against non-filer companies.
According to the sources, a large number of companies, which filed income tax returns in financial year 2019, were non-filer in tax year 2020.
They said the PRAL data revealed that over 50 percent of companies filed returns in tax year 2019 had neither filed tax returns nor paid due income tax. “These companies have not filed tax returns but also a considerable amount of revenue has not been paid by these taxpayers,” sources said.
“Over 100,000 companies registered with the Security Exchange Commission of Pakistan (SECP), of which, the FBR has not received returns more than 50,000. As a result, notices under section 182 of the Income Tax Ordinance, 2001 have been issued to all non-filers by the FBR,” sources informed.
To a question, sources said the possibilities of business closure and losses could not be ruled out due to covid-19 but in case of business closure, these taxpayers instead of not filing returns and attracting penalty proceedings against them should communicate the matter with the concerned tax office and get unregistered.
Sources were of the view that a large number of companies, which filed income tax returns in financial year 2019 and became non-filer in tax year 2020, were tax dodgers, making attempts to take advantage of a pandemic situation.
Furthermore, they said that the board had complete details related to their utility bills, air travels, properties, vehicles, etc hence it was now quite difficult for any potential taxpayer or tax dodger to live luxurious life without being noticed by tax authorities.
Keeping the said in view, all tax officers have now been directed to initiate penalty proceedings particularly in company cases and ensure the enforcement of returns and revenue realization, source added.
Copyright Business Recorder, 2021
Comments
Comments are closed.