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Govt to launch online sales tax system today
By
News Desk
-
June 22, 2019
0
2
–FBR chief says FIA or NAB will not act against those who will avail amnesty scheme
Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday announced that the sales tax system has been made functional and will be put up online from Sunday.
Talking to a news channel, Zaidi spoke about the benefits of the government’s tax amnesty scheme titled ‘Tax Do Pakistan Ki Khatir’.
The FBR chairman said that the tax amnesty scheme was first introduced in 1960, adding that those who will take benefits from the amnesty scheme would not be probed by the FIA or any other anti-graft body.
Defining the meaning of term ‘benami’, Zaidi said that it is used in the property which is transferred to one person for consideration but paid by another person.
SBP
He said that talks are underway with State Bank of Pakistan (SBP) to increase the cash deposit ratio so that it can be more than $10,000.
“According to a law of SBP, no one can deposit more than $10,000 in the SBP. Negotiations with the authorities of the SBP are underway to increase the deposit amount to more than $10,000,” he added.
GOLD
He said that jewellery is not included in the amnesty scheme but those who have gold in the shape of stock have to pay tax.
PRIZE BONDS
Zaidi said that registration of prize bonds is compulsory now as bonds of Rs40,000 would be considered useless if not registered.
DUBAI PROPERTIES
Zaidi revealed that people usually declare their properties in Dubai but do not show the rent. “A team will be sent to Dubai in this regard on June 24 to investigate the matter.”
He said that those who have purchased the property through legal terms should relax as they are free from trouble.
TAX FILING SYSTEM
The FBR chairman said that the government is making the tax filing system easy for people, adding that the govt is decreasing the difference between the purchased value of a property and the actual value of property.
SMUGGLED CARS
He said there will be no amnesty scheme on smuggled cars.
The FBR chairman said that the institute was collecting data of individuals whose ratio of tax is low.
He once again ruled out any possibility of extension in assets declaration scheme deadline.
The FBR chairman said tax data has been made available to the people as citizens will now be able to get information through FBR and NADRA’s online database.
However, he said, one will not be able to get personal information about other person.
By
News Desk
-
June 22, 2019
0
2
–FBR chief says FIA or NAB will not act against those who will avail amnesty scheme
Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday announced that the sales tax system has been made functional and will be put up online from Sunday.
Talking to a news channel, Zaidi spoke about the benefits of the government’s tax amnesty scheme titled ‘Tax Do Pakistan Ki Khatir’.
The FBR chairman said that the tax amnesty scheme was first introduced in 1960, adding that those who will take benefits from the amnesty scheme would not be probed by the FIA or any other anti-graft body.
Defining the meaning of term ‘benami’, Zaidi said that it is used in the property which is transferred to one person for consideration but paid by another person.
SBP
He said that talks are underway with State Bank of Pakistan (SBP) to increase the cash deposit ratio so that it can be more than $10,000.
“According to a law of SBP, no one can deposit more than $10,000 in the SBP. Negotiations with the authorities of the SBP are underway to increase the deposit amount to more than $10,000,” he added.
GOLD
He said that jewellery is not included in the amnesty scheme but those who have gold in the shape of stock have to pay tax.
PRIZE BONDS
Zaidi said that registration of prize bonds is compulsory now as bonds of Rs40,000 would be considered useless if not registered.
DUBAI PROPERTIES
Zaidi revealed that people usually declare their properties in Dubai but do not show the rent. “A team will be sent to Dubai in this regard on June 24 to investigate the matter.”
He said that those who have purchased the property through legal terms should relax as they are free from trouble.
TAX FILING SYSTEM
The FBR chairman said that the government is making the tax filing system easy for people, adding that the govt is decreasing the difference between the purchased value of a property and the actual value of property.
SMUGGLED CARS
He said there will be no amnesty scheme on smuggled cars.
The FBR chairman said that the institute was collecting data of individuals whose ratio of tax is low.
He once again ruled out any possibility of extension in assets declaration scheme deadline.
The FBR chairman said tax data has been made available to the people as citizens will now be able to get information through FBR and NADRA’s online database.
However, he said, one will not be able to get personal information about other person.
