ISLAMABAD: A total of 3,395 returns were filed and tax amounting to Rs87.7 million was deposited under the Prime Minister Tax incentive Package ended on April 30, 2014.
Briefing members of the Senate Standing Committee on Finance on PM Tax Incentive Package, the Federal Board of Revenue (FBR) officials informed that clauses (87) & (88) were inserted in Part-IV of Second Schedule to the Income Tax Ordinance, 2001 vide SRO 1065(1)/2013 to make the scheme effective.
As per these clauses immunity from penalty, default surcharge and audit was provided to persons having NTN numbers on November 28, 2013, but had not filed any or all of the returns from tax year 2008 to 2012. The immunity was given subject to the condition that they pay Rs20,000 tax per year along with the filing of missing returns and also do not claim any adjustment of tax already deducted.
The officials informed that for those persons who had taxable income but were not holding NTN numbers on November 28, 2014, similar immunity from penalty, default surcharge and audit was given subject to the condition that they pay Rs25,000 tax along with every return from tax year 2008 to 2012 and also did not claim credit of any tax deducted. Such taxpayers were also given immunity from penalty, default surcharge and audit for equal number of subsequent/future years subject to the condition that tax paid for the succeeding tax years is at least equal to the tax paid for tax year 2012.
The last date for filing returns under the scheme was February 28, 2014 which was extended to April 30, 2014. According to the FBR, 2,600 returns were filed under the incentive package up to February, 2014. Similarly, 3,395 returns were filed and tax amounting to Rs87.7 million was deposited under the PM Tax Incentive Package till end of the scheme on April 30, 2014.
