Govt to announce tax relief on Jan 1

ISLAMABAD: Prime Minister Nawaz Sharif or Finance Minister Ishaq Dar would announce a good news in shape of flexibility in Income Tax Ordinance to encourage people to come in the tax net as a new year gift on Friday.

Over 300 businesspersons, traders, importers, exporters etc have been invited to Islamabad to hear this announcement. Amendment to the tax laws would help bring the number of tax payers from 100,000, which was reduced to 50,000 by December 28, up to 300,000 by June 30, 2016.

Under the new scheme, Rs50 million black money could be whitened and non-filers would be able to file tax returns by January 30, 2016. They would not be asked about the source of their income for the past four years.

Somebody who would show a working capital of Rs50 million would be required to pay only 1 percent tax. Filers and non-filers would be able to benefit from this scheme equally.