AIRLINK 190.16 Increased By ▲ 1.41 (0.75%)
BOP 12.83 Decreased By ▼ -0.11 (-0.85%)
CNERGY 7.21 Decreased By ▼ -0.01 (-0.14%)
FCCL 43.41 Increased By ▲ 2.86 (7.05%)
FFL 15.39 Increased By ▲ 0.29 (1.92%)
FLYNG 26.37 Increased By ▲ 0.93 (3.66%)
HUBC 130.61 Decreased By ▼ -1.89 (-1.43%)
HUMNL 13.84 Increased By ▲ 0.39 (2.9%)
KEL 4.71 Decreased By ▼ -0.17 (-3.48%)
KOSM 6.70 Increased By ▲ 0.22 (3.4%)
MLCF 49.51 Increased By ▲ 2.37 (5.03%)
OGDC 204.81 Increased By ▲ 0.01 (0%)
PACE 6.41 Increased By ▲ 0.14 (2.23%)
PAEL 40.81 Increased By ▲ 1.82 (4.67%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.69 Increased By ▲ 0.58 (7.15%)
POWER 11.02 Increased By ▲ 0.33 (3.09%)
PPL 174.44 Increased By ▲ 0.79 (0.45%)
PRL 34.71 Increased By ▲ 0.61 (1.79%)
PTC 24.99 Increased By ▲ 1.50 (6.39%)
SEARL 97.99 Decreased By ▼ -1.01 (-1.02%)
SILK 1.09 Decreased By ▼ -0.01 (-0.91%)
SSGC 31.10 Increased By ▲ 0.48 (1.57%)
SYM 17.81 Decreased By ▼ -0.02 (-0.11%)
TELE 8.30 Increased By ▲ 0.11 (1.34%)
TPLP 12.18 Increased By ▲ 0.06 (0.5%)
TRG 61.66 Increased By ▲ 0.55 (0.9%)
WAVESAPP 11.67 Decreased By ▼ -0.05 (-0.43%)
WTL 1.48 No Change ▼ 0.00 (0%)
YOUW 4.18 Decreased By ▼ -0.03 (-0.71%)
AIRLINK 190.16 Increased By ▲ 1.41 (0.75%)
BOP 12.83 Decreased By ▼ -0.11 (-0.85%)
CNERGY 7.21 Decreased By ▼ -0.01 (-0.14%)
FCCL 43.41 Increased By ▲ 2.86 (7.05%)
FFL 15.39 Increased By ▲ 0.29 (1.92%)
FLYNG 26.37 Increased By ▲ 0.93 (3.66%)
HUBC 130.61 Decreased By ▼ -1.89 (-1.43%)
HUMNL 13.84 Increased By ▲ 0.39 (2.9%)
KEL 4.71 Decreased By ▼ -0.17 (-3.48%)
KOSM 6.70 Increased By ▲ 0.22 (3.4%)
MLCF 49.51 Increased By ▲ 2.37 (5.03%)
OGDC 204.81 Increased By ▲ 0.01 (0%)
PACE 6.41 Increased By ▲ 0.14 (2.23%)
PAEL 40.81 Increased By ▲ 1.82 (4.67%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.69 Increased By ▲ 0.58 (7.15%)
POWER 11.02 Increased By ▲ 0.33 (3.09%)
PPL 174.44 Increased By ▲ 0.79 (0.45%)
PRL 34.71 Increased By ▲ 0.61 (1.79%)
PTC 24.99 Increased By ▲ 1.50 (6.39%)
SEARL 97.99 Decreased By ▼ -1.01 (-1.02%)
SILK 1.09 Decreased By ▼ -0.01 (-0.91%)
SSGC 31.10 Increased By ▲ 0.48 (1.57%)
SYM 17.81 Decreased By ▼ -0.02 (-0.11%)
TELE 8.30 Increased By ▲ 0.11 (1.34%)
TPLP 12.18 Increased By ▲ 0.06 (0.5%)
TRG 61.66 Increased By ▲ 0.55 (0.9%)
WAVESAPP 11.67 Decreased By ▼ -0.05 (-0.43%)
WTL 1.48 No Change ▼ 0.00 (0%)
YOUW 4.18 Decreased By ▼ -0.03 (-0.71%)
BR100 11,961 Increased By 56.1 (0.47%)
BR30 35,673 Increased By 313.4 (0.89%)
KSE100 113,739 Increased By 396.7 (0.35%)
KSE30 35,328 Increased By 35.3 (0.1%)

ISLAMABAD: The government has introduced seven new measures for broadening the tax base through the Tax Laws (Third Amendment) Ordinance, 2021.

Under new Section 114B of the Income Tax Ordinance 2001, the Board shall have the powers to issue income tax general order in respect of persons who are not appearing on the ATL but are liable to file return under the provisions of this Ordinance. The income tax general order may entail consequences for the persons mentioned therein: Disabling of mobile phones or mobile phone SIMs; discontinuance of electricity connection; and discontinuance of gas connection.

The board or the commissioner having jurisdiction over the person mentioned in the income tax general order may order restoration of mobile phones, mobile phone SMS and connections of electricity and gas, in cases where he is satisfied that the return has been filed; or person was not liable to file return under the provisions of this Ordinance.

No person shall be included in the general order unless following conditions have been met with: Notice under sub-section (4) of section 114 has been issued; date of compliance of the notice under sub-section (4) of section 114 has elapsed and the person has not filed the return. The action under this section shall not preclude any other action provided under the provisions of this Ordinance.

Ordinance promulgated: Non-filers of tax returns to face strict actions

According to the Tax Laws (Third Amendment) Ordinance, 2021, the powers have been obtained by the FBR to discontinue gas and electricity connections of persons including tier-1 retailers, who are either not registered or if registered not integrated in terms of section 3(9A).

Second, the government has increased amount of penalty for tier-1 retailers, who are not integrated in terms of section 3(9A)

Third, powers have been given to the FBR discontinue gas and electricity connections of persons including tier-1 retailers who are either not registered or if registered not integrated in terms of section 3(9A).

Fourth, the government has increased amount of penalty for tier-1 retailers, who are not integrated in terms of section 3(9A).

Fifth, the FBR has enhanced Extra Tax rates on industrial and commercial gas and electricity connections to persons, who are unregistered (Amendment in SRO 509(I)/2013, dated 12.06.2013).

Sixth, the government has included "steel" sector in clause 24D to provide a reduced rate of minimum turnover tax to distributors, dealers, sub dealers, wholesalers and retailers at par with cement sector.

Seventh, powers have been given to the FBR to disable mobile phones/SIMs, disconnect electricity and gas of persons who are required to file returns.

Draft of new tax ordinance: Govt revisiting certain clauses

Eight, the NADRA will share data with FBR for broadening of tax base, calculating indicative income and identifying potential tax evasion.

The FBR has also introduced an enabling provision for making facilitator of online market place as withholding agent under Eleventh Schedule to the Sales Tax Act, 1990

According to the Tax Laws (Third Amendment) Ordinance, 2021, in case of the online market place facilitating the sale of third-party goods, the liability to withhold tax on taxable supplies of such party at the rates specified in the Eleventh Schedule to this Act, shall be on the operator of such market place.

Copyright Business Recorder, 2021

Comments

Comments are closed.