🌟 [ 2 ] FBR to Abolish Non-Filer Category: Major Crackdown on Tax Dodgers [ @ ]
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In a bold move to combat tax evasion, the Federal Board of Revenue (FBR) has announced plans to abolish the non-filer category. What does this mean for taxpayers and the economy? Join us as we delve into the details of this significant policy change and its potential impact on tax compliance in Pakistan.
In This Video:
Overview of the FBR's new policy
Implications for non-filers and tax compliance
Expert analysis on the effects on the economy
Reactions from financial experts and the public
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The Federal Board of Revenue (FBR) announced Tuesday a series of restrictions targeting non-filers to enhance tax compliance and broaden the tax base by abolishing the non-filer category.
The initial restrictions include purchasing property, buying cars, investing in mutual funds, opening current accounts and engaging in international travel, except those for religious purposes.
The government is eliminating the non-filer category, meaning that individuals who previously paid a small fee to avoid taxes on these transactions will no longer be able to evade tax obligations.
FBR Chairman Rashid Mahmood Langrial revealed that 15 specific activities would be prohibited for individuals who fail to file their tax returns, with an initial focus on these five key areas. These measures are part of the FBR’s transformation plan, which has received approval from the prime minister.
An official confirmed to The News that the measure will be implemented through an ordinance, with the FBR already working on the rules and involving the law ministry in the process.
The FBR chairman criticised the concept of non-filers, asserting that such classifications do not exist globally and should be abolished. Instead, the focus will be on compliant versus non-compliant taxpayers.
“Through sophisticated machine learning and algorithms, we will identify non-filers,” he said, adding that only Rs25 billion in fees were collected from non-filers last year, while the potential tax revenue from these individuals remains uncollected. Although these restrictions will not be implemented all at once, they will be rolled out over the next few months, the chairman added.
Under the new policies, non-filers will be barred from opening traditional bank accounts, with the exception of basic accounts for low-income individuals. To combat smuggling, the FBR is enhancing automation and manpower at critical entry points across the country.
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[ 2D ] FBR to Abolish Non-Filer Category: Major Crackdown on Tax Dodgers Breaking [2]
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FBR to Abolish Non-Filer Category: Major Crackdown on Tax Dodgers | Breaking News
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