MULTAN: The Regional Tax Office Multan is going to launch a tax amnesty scheme for non-filers very soon.
The Federal Board of Revenue has proposed tax amnesty scheme for the non- filers to bring them into the tax net and regional tax offices are waiting for the approval of this tax incentive scheme. The purpose of this new scheme is likely to launch exactly on pattern of another amnesty scheme for non-filer traders.
The government want to bring all non-filers in the tax net in the financial budget 2015-16 by introducing tax incentives to all non-filers in this regard.
As small traders are all set to observe shutter down strike again soon against the imposition of 0.3 percent withholding tax (WHT) on banking transactions from non-filers, the government has offered business community to exempt them from audit for three years if they pay minimum fixed amount and declare their assets along with their returns.
The regional tax offices are also working on the matter of withholding taxes with small traders in order to resolve the issues. The government have assured the traders to come into tax net, declare their assets and the government will accept their returns along with minimum fixed amount of almost Rs 15,000 to Rs 20,000 provided the new filers will increase their income tax amount by 25 percent in each year over the next two years.
New offers to business community are presented for bringing them into tax net by eliminating their concerns on becoming tax filer. To make new tax filer from non-filer is not an easy task for government but it is also assuring them they will not be made balloting for selection of audit after few years.
A proposed tax incentive scheme exactly on pattern of another amnesty scheme for non-filer traders is in the pipeline. This tax amnesty initiative will expand our tax net by making non-filers into tax filers and it will also assist regional tax offices to form new potential tax payers for the future tax collection.
The Regional Tax office Multan is also the offering the facilitation to non-filers that they would come and become tax filers by declaring their assets under the self-assessment scheme and there would be no objection raised on the declaration of their assets for tax in this regard.
