ISLAMABAD: The Federal Board of Revenue (FBR) issued an explanation on Wednesday regarding the non-filers of tax in the new Finance Bill.
In its explanation, the FBR spokesman stated that in the bill it did not give any relief to non-filers of tax on buying immovable property and vehicles. The statement said that the legal value of tax non-filers has been significantly reduced in the new bill.
The FBR spokesman said that every person has to file his taxable income under the Income Tax Ordinance.
Under the 10th schedule, the procedure is laid out for those failing to mention any big transaction. According to it, such persons will have to pay more than 100 percent withholding tax, moreover, can also be liable to fine and punishment.
