ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue (Policy) Dr Hamid Ateeq Sarwar said Wednesday that the government is not considering any new taxation measures or mini-budget during 2024-25.
The FBR Member informed the Senate Standing Committee on Finance that the prime minister has only approved enforcement measures against non-filers and restrictions on non-filers, nil-filers or filers, involved in massive under-declarations or mis-declarations in returns.
He said that there would be no mini budget or new revenue measures in the coming days. Dr Sarwar categorically informed the committee that the last date for filing of income tax returns would not be extended beyond September 30.
New taxation steps come into effect today
The FBR Member said the number of return filers for tax year 2023 has reached six million and we are expecting more returns due to the ongoing exercise against non-filers of income tax returns.
He disclosed that 2.5 million persons have filed zero-income return.
The computer system would not allow financial transactions of zero-income till they explained their source of income or earnings etc.
Later, while talking to the media at the Parliament House, Member Inland Revenue (Policy) stated that the FBR has finalised the strategy to meet the assigned revenue collection target for first quarter (July-September) 2024-25.
He said that the FBR will amass the target of Rs2,652 billion set for the first quarter of current fiscal year. The FBR has estimated to collect nearly Rs50 billion along with the returns. The advance tax instalment is also due in September 2024 to be paid by the corporate sector and banks.
The gas companies would also pay the due amount of taxes during the current month. The FBR will expand the scope of the Tier-I retailers and Standalone Stores would be added under the category of Tier-I retailers.
Copyright Business Recorder, 2024
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