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Business

APP
June 12, 2019

Returns filer, non-filer distinction being abolished to expand tax base: Hafeez Sheikh

Business

APP
Wed, Jun 12, 2019

ISLAMABAD: Adviser to Prime Minister on Finance, Dr Abdul Hafeez Shaikh Wednesday said the distinction of returns filer and non-filer was being abolished in the Federal Budget 2019-20 to meet the much-desired expansion in the tax-base.

Speaking at the post-budget press conference, he said now it would not be possible for someone to remain non-filer as after purchasing any vehicle or property, it would be mandatory for him/her to file returns within 45 days.

“Otherwise, within half an hour after the lapse of 45-day period, an automatic assessment will take place asking the purchaser to disclose the source of income,” he elaborated.

The strategy, the adviser said, would have far-reaching impact on the national economy and the much-desired expansion in the tax-base would come to fruition.

The government, he said, had also made the process of return filing automated and easy, under which a person could become filer within just six minutes by registering on the prescribed website of Federal Board of Revenue.