AIRLINK 208.50 Decreased By ▼ -4.32 (-2.03%)
BOP 10.28 Increased By ▲ 0.03 (0.29%)
CNERGY 6.86 Decreased By ▼ -0.14 (-2%)
FCCL 33.55 Increased By ▲ 0.08 (0.24%)
FFL 17.09 Decreased By ▼ -0.55 (-3.12%)
FLYNG 21.84 Increased By ▲ 0.02 (0.09%)
HUBC 129.35 Increased By ▲ 0.24 (0.19%)
HUMNL 14.04 Increased By ▲ 0.18 (1.3%)
KEL 4.82 Decreased By ▼ -0.04 (-0.82%)
KOSM 6.86 Decreased By ▼ -0.07 (-1.01%)
MLCF 43.00 Decreased By ▼ -0.63 (-1.44%)
OGDC 215.26 Increased By ▲ 2.31 (1.08%)
PACE 7.17 Decreased By ▼ -0.05 (-0.69%)
PAEL 42.10 Increased By ▲ 0.93 (2.26%)
PIAHCLA 16.82 Decreased By ▼ -0.01 (-0.06%)
PIBTL 8.53 Decreased By ▼ -0.10 (-1.16%)
POWER 8.85 Increased By ▲ 0.04 (0.45%)
PPL 184.80 Increased By ▲ 1.77 (0.97%)
PRL 39.48 Decreased By ▼ -0.15 (-0.38%)
PTC 24.80 Increased By ▲ 0.07 (0.28%)
SEARL 99.70 Increased By ▲ 1.69 (1.72%)
SILK 1.03 Increased By ▲ 0.02 (1.98%)
SSGC 41.10 Decreased By ▼ -0.63 (-1.51%)
SYM 18.40 Decreased By ▼ -0.46 (-2.44%)
TELE 9.24 Increased By ▲ 0.24 (2.67%)
TPLP 12.57 Increased By ▲ 0.17 (1.37%)
TRG 66.75 Increased By ▲ 1.07 (1.63%)
WAVESAPP 10.90 Decreased By ▼ -0.08 (-0.73%)
WTL 1.83 Increased By ▲ 0.04 (2.23%)
YOUW 4.08 Increased By ▲ 0.05 (1.24%)
BR100 11,866 Decreased By -0.5 (-0%)
BR30 36,000 Increased By 303.3 (0.85%)
KSE100 114,058 Decreased By -90.4 (-0.08%)
KSE30 35,886 Decreased By -66.3 (-0.18%)

Directorate General of Intelligence and Investigation Inland Revenue (IR) Federal Board of Revenue (FBR) has said that a Lahore-based cricket all-rounder, who reportedly claimed to be a regular taxpayer, has concealed income tax worth Rs 10 million during Tax Years 2010 and 2011.
When contacted, an official of the directorate clarified here on Monday that the cricketer was liable to file income tax return under normal law. Moreover, he has only declared income earned in Pakistan and not income earned aboard. Thus, it is totally incorrect to say that he is paying all his tax regularly. As per tax record, only statements of final tax liability have been filed as per the Mahasil data by the leading cricketer. Through the Finance Act 2009, provisions of Section 153 of the Income Tax Ordinance 2001 were amended and tax collected from payments made on account of services rendered made minimum tax liability. Thus, w.e.f. tax year 2010, he was obligated to file tax returns under normal law which he has failed to do. It is to be noted that the considering the nature of income earned/ services rendered, the quantum of accrued expenditure against the receipts would be negligibly small.
The said receipts are only his Pakistan source of income on which tax has been deducted at source U/S 153 of the Income Tax Ordinance, 2001. However, he has also been part of various international cricketing ventures such as Asia XI, Duronto Rajshahi (Bangladesh Premier League), Hampshire (English County Cricket), Hampshire 2nd XI (English County Cricket), Hyderabad Heroes (Indian Premier League), ICL Pakistan XI, Khan Research Labs, Lahore, Lahore Lions, Leicestershire (English County Cricket), Melbourne Renegades, Middlesex (English County Cricket), Pakistan International Airlines, Surrey (English County Cricket) and Worcestershire (English County Cricket). These are all sources of lucrative income, for instance he received $100,000 for playing the Bangladesh Premier League. As a resident Pakistani, both the Pakistan and foreign sources of his income are liable to tax in Pakistan, official said.
Even in Pakistan, he has been receiving income from multiple sources. One of such source is income from appearing in various commercials/ advertisements. For instance he has appeared in different advertisements of a soft drink manufacturer. No wealth statements have been filed despite the fact that income exceeds the threshold for filing wealth statement, directorate of intelligence IR added.

Copyright Business Recorder, 2012

Comments

Comments are closed.