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Business

May 19, 2017

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Sindh government unveils tax incentive scheme for defaulters

Sindh government unveils tax incentive scheme for defaulters

KARACHI: Sindh Revenue Board (SRB) on Thursday unveiled an inventive scheme under which defaulting taxpayers could foot their outstanding tax bills with at least five percent default surcharge.  

SRB, in a notification, announced an exemption from fine and penalties for the taxpayers rendering services within the province by paying outstanding principal tax amount. The taxpayers, who avail the scheme, have also been granted immunity from arrest or prosecution. SRB will grant the waiver from fine and penalty in three phases.

A taxpayer is exempted from fine and penalty if he pays the principal amount along with 5 percent of the amount as default surcharge between May 19 and May 25. In case the taxpayer fails to meet the deadline, then he still has two more opportunities by paying principal tax amount along with 10 percent or 20 percent default surcharge between May 26 and June 2 and from June 3 to 9, respectively.

The provincial revenue authority said the incentive scheme is also available to the individuals who are registered with SRB between May 18 and June 9. Further, withholding agents and non-filers of sales tax statements are also eligible to avail the scheme.

The SRB said the individuals who moved to courts for settlement of their cases could also settle payment disputes by availing this scheme. The benefits would also be available in cases where an individual has paid the principal amount of tax prior to the scheme’s launch but is not exempted from the late payment penalty. Such a taxpayer is bound to pay a penalty of 10 percent as well as 25 percent default surcharge up to June 9.

Under the scheme if a taxpayer pays the amount by availing the incentive and later any court of law or SRB commissioner rules that the amount is not payable then the paid amount will be refunded within 90 days.

SRB asked all taxpayers, service providers and withholding agents to avail the benefits of the tax incentive package. It said the incentive announced through the concession package provides an opportunity to the taxpayers who for any reason have not been able to clear their tax liabilities. Further, the incentive scheme will help in reducing the litigation cases where relief has been sought from courts related to fine and penalty.

 

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