ANL 11.28 Increased By ▲ 0.17 (1.53%)
ASC 10.00 Increased By ▲ 0.20 (2.04%)
ASL 11.00 Increased By ▲ 0.45 (4.27%)
AVN 72.30 Decreased By ▼ -0.51 (-0.7%)
BOP 6.06 Increased By ▲ 0.04 (0.66%)
CNERGY 5.52 Increased By ▲ 0.11 (2.03%)
FFL 6.80 Increased By ▲ 0.03 (0.44%)
FNEL 6.28 Increased By ▲ 0.08 (1.29%)
GGGL 11.32 Decreased By ▼ -0.18 (-1.57%)
GGL 16.42 Decreased By ▼ -0.17 (-1.02%)
GTECH 9.92 Increased By ▲ 0.17 (1.74%)
HUMNL 6.85 Increased By ▲ 0.36 (5.55%)
KEL 2.70 Increased By ▲ 0.07 (2.66%)
KOSM 3.05 Decreased By ▼ -0.02 (-0.65%)
MLCF 29.66 Increased By ▲ 0.51 (1.75%)
PACE 3.10 Increased By ▲ 0.04 (1.31%)
PIBTL 6.10 Increased By ▲ 0.06 (0.99%)
PRL 15.36 Increased By ▲ 0.36 (2.4%)
PTC 7.03 Increased By ▲ 0.15 (2.18%)
SILK 1.07 Increased By ▲ 0.06 (5.94%)
SNGP 27.45 No Change ▼ 0.00 (0%)
TELE 11.15 Decreased By ▼ -0.03 (-0.27%)
TPL 9.32 Decreased By ▼ -0.27 (-2.82%)
TPLP 17.05 Decreased By ▼ -0.19 (-1.1%)
TREET 31.55 Increased By ▲ 0.29 (0.93%)
TRG 75.67 Decreased By ▼ -1.33 (-1.73%)
UNITY 22.56 Decreased By ▼ -0.01 (-0.04%)
WAVES 13.18 Increased By ▲ 0.18 (1.38%)
WTL 1.55 Increased By ▲ 0.04 (2.65%)
YOUW 5.24 Increased By ▲ 0.09 (1.75%)
BR100 4,322 Increased By 57.7 (1.35%)
BR30 15,034 Increased By 108.3 (0.73%)
KSE100 43,506 Increased By 607.3 (1.42%)
KSE30 16,539 Increased By 231 (1.42%)

Finance Minister Shaukat Tarin said on Friday that the government has developed a system under which it will provide unregistered taxpayers the details of their income and expenses and how much they needed to pay in taxes, Aaj News reported.

“We have collected the data of millions of unregistered taxpayers. I am giving good news that we will reach them within the next few weeks and provide them with [the details of] their tax returns,” he said while addressing the launching ceremony of the National Sales Tax Directory by the Federal Board of Revenue (FBR).

“We don’t need to send notices because we have proper data now. We will provide concrete data, i.e., their bank account status, how much they paid in utilities, how much they spent on travelling and other luxuries. Those who have reservations will be connected with a panel of auditors from the private sector for consultation.

“There will be no harassment, as I promised. But the law will take its own course against non-filers,” the minister added.

Tarin said that the country could not prosper without collecting taxes. He urged unregistered potential taxpayers to start paying taxes before the FBR reaches them.

Imposition of health hazard tax on tobacco, sugary drinks opposed

Finance Minister said that he could not bring reforms during his last tenure (2009) because he stepped down prematurely.

“But if I stay in the position this time around, everyone will have to pay taxes, including sales tax. Because the collection of taxes is the only way for the country to end economic crisis and take the path of prosperity,” he noted.

“This is the need of the hour as the country’s sovereignty is at stake. In a country of over 220 million, only three million people file returns,” Tarin said, adding that there should be at least 15 to 20 million taxpayers, barring people from the agriculture belt who had very low incomes.

He also congratulated the federal and provincial revenue divisions for coming on a single platform and making payment of revenues easy for taxpayers through the National Sales Tax Directory facility.

The minister said that a single platform will facilitate taxpayers, boost returns and reduce chances of errors.

“Under the previous system, if a company was operating in multiple provinces, it had to deal with more than one agency for filing returns, which increased the chances of errors."

However, now they would be required to file a single tax return under the new system, he added.

“This is the progressive way of tax collection," Tarin said, adding that the measure would lead to an increase in the revenue collection.

Comments

Comments are closed.