Senate Lifts Time-Limit on Serving Tax Notices
According to news sources, the Senate Standing Committee on Finance has adopted a proposal to extend indefinitely the deadline for serving tax notices in situations involving undeclared assets abroad and tax evasion through valuable gifts.
The Federal Board of Revenue Operational Wing submitted the revisions, which would be included in the Finance Bill 2021-22 before it is approved by parliament.
Previously, the maximum period for serving notifications was five years; this restriction has been lifted. Notably, though, tax notice can be avoided if the commissioner is satisfied with the individual’s justification for not revealing overseas assets.
As for tax avoidance through’suspicious’ gifts, the FBR reported PKR 170 billion in transactions involving gifting relatives in the previous year.
In addition, modifications were adopted to permit the collection of taxes from individuals residing outside the country through bilateral and multilateral agreements with such nations.
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The committee also maintained the tax-exempt status of employee medical and provident funds. Similarly, a three-month delay is granted for the payment of the last fourth instalment of taxes under the tax amnesty programme for 2019. In addition, the law would now mandate FBR declaration for business accounts.
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