ISLAMABAD: With the aim to providing direct incentive to taxpayers, Federal Board of Revenue (FBR) is likely to launch smartcards for taxpayers.
Sources said that the smartcards, which could be introduced in budget 2018-19, would help broaden tax base and reduce refunds.
The card may be collected from the tax office holding jurisdiction of the individual within seven days after making a payment of Rs1,000. Further the card should be renewable annually, on a payment of a renewal fee of Rs200.
The sources said that it has been recommended that a taxpayer card should be introduced, and all the individual holders of the card shall be entitled to a reduction of 50 percent adjustable withholding taxes under Chapter XII of the Income Tax Ordinance, 2001 subject to the condition that the taxpayer presents the card to the withholding agent at the time of payment.
