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LAHORE: No audit, no penalty and no additional tax are the advantages, NTN holders, non-filers and new taxpayers would get under the prime minister tax’s incentives package.
This was stated by Large Taxpayer Unit (LTU) Chief Commissioner Mustafa Ashraf at the second session, jointly organised by the Lahore Chamber of Commerce and Industry and the Federal Board of Revenue (FBR) here on Monday.
“The scheme is a golden opportunity for non-NTN holders and for those NTN holders who have discontinued filing tax returns.
Neither any question would be asked about investment sources, nor any audit will be conducted,” said the LTU chief commissioner.
The FBR would be approaching banks only for those businessmen who would not avail the scheme despite having heavy bank accounts and enjoying a luxurious life-style.
He said that the scheme would not only give boost to economic activities while it would also bring down the graph of unemployment in the country.
LCCI Vice President Kashif Anwar said that the FBR should extend the date to accommodate more non-filers in the scheme.
Mr Anwar said that it was unfortunate that persons registered with income tax were treated as unregistered with sales tax.
The anomaly should be done away with as it was tantamount to squeeze the existing tax payers.
He said that end to under-invoicing, smuggling, tax reforms, simplification of taxation procedures and expansion in tax net by bringing untaxed sectors into the tax net, downward revision in rate of taxes, cut in number of taxes would help put economy back on rails.
The LCCI vice-president also expressed reservations on clause 9 of Income Tax Circular 15, 2013 and authority given to the Commissioner under section 122(5) and 122(5A) of the Income Tax Ordinance 2001.
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