Islamabad: Strict measures against non-filers are planned by the Federal Board of Revenue (FBR). In order to guarantee the timely collection of taxes in the nation, the authority declared that it would suspend the bank accounts of non-filers. In its statement, the authorities also proposed stringent guidelines for travel prohibitions for non-filers.
In order to avoid these fines, non-filers must thereafter register with the nearest tax office. Muhammad Asif, the Chief of the Broadening of Tax Base (BTB), emphasized the need of filing tax returns because failure to do so could result in fines, the termination of electricity service, and other penalties as recently notified by the FBR.
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A nationwide initiative has reportedly been launched to bring taxable income earners and those qualified under the tax base system together.Out of 240 million Pakistani people, just 5.2 million were listed as registered taxpayers in an official FBR document from 2022.
Pakistan faces a number of challenges, such as a low GDP-to-tax ratio, widespread tax evasion, and a deficiency in tax income necessary for the nation’s socioeconomic growth. To address these issues, the FBR gathered information on the financial transactions of hundreds of thousands of individuals who are still exempt from paying taxes.
This year, the BTB hopes to bring 1.5 million more taxpayers into the system by enforcing stringent regulations. To avoid incurring severe penalties, the FBR exhorts individuals to seize the chance and promptly register with the nearest tax office.
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