FBR picked filers declaring below taxable income-fbr income tax return filing 2020
Special Assistant to the Prime Minister (Minister of State) on Revenue, Dr. Waqar Masood, has repeatedly said that the Federal Board of Revenue (FBR) was fully committed to utilizing data of 100 million persons received from Mobile phone companies; of 7.4 million persons whose withholding taxes were being deducted but they were not filing returns; data from electricity and gas companies, and data on return filers declaring below taxable income with actual withholding tax deductions of huge amounts, for increasing government revenue.
The FBR has asked its IT Wing and officials utilizing technology and maintaining the database, to check from the withholding tax record that whether withholding tax has been deducted from these one million persons having no taxable income. There are almost 0.24 to 0.26 million persons who are getting Rs. 14 billion to Rs. 20 billion worth withholding tax deducted.
Waqar Masood stated,
On average, it has been worked out that around Rs. 60, 000 withholding tax is being paid by each person within the population of 0.24 to 0.26 million persons. If a person is getting Rs. 60, 000 worth withholding tax deducted, which is 10 percent, we can safely conclude from this data that he is making an expenditure of around 0.6 million, and if a person is making an expenditure of Rs. 0.6 million and our taxable income is Rs. 0.4 million, this clearly reflects that the person’s income is much higher for a person making expenditure of Rs. 0.6 million.
6.4 million persons are having NTNs, who are legally bound to file their annual income tax returns under the law. There are 3.7 million persons, who are registered but are not filing their income tax returns. It is their legal obligation to file their income tax returns, he said.
“The third initiative is that we have our own database and data of other federal and provincial government departments engaged in public dealings such as land records, and registration of vehicles. All these departments have now started sharing data of the purchase and sale of immovable properties, and registration of new cars with the FBR,” he added.
He further stated,
The FBR found that 8.9 million withholding has been deducted during the last three years. On average, we have received returns of around 1.5 million persons only during the last three years. If we minus 1.5 from 8.5, we are left with 7.4 million people. It is mandatory for these 7.4 million people (whose record of withholding is available) to also file their income tax returns with the FBR, but they are not filing their returns.
#EngineerMalikAnas
#PakistanWealthAcademy
Видео FBR picked filers declaring below taxable income-fbr income tax return filing 2020 канала Pakistan wealth academy
The FBR has asked its IT Wing and officials utilizing technology and maintaining the database, to check from the withholding tax record that whether withholding tax has been deducted from these one million persons having no taxable income. There are almost 0.24 to 0.26 million persons who are getting Rs. 14 billion to Rs. 20 billion worth withholding tax deducted.
Waqar Masood stated,
On average, it has been worked out that around Rs. 60, 000 withholding tax is being paid by each person within the population of 0.24 to 0.26 million persons. If a person is getting Rs. 60, 000 worth withholding tax deducted, which is 10 percent, we can safely conclude from this data that he is making an expenditure of around 0.6 million, and if a person is making an expenditure of Rs. 0.6 million and our taxable income is Rs. 0.4 million, this clearly reflects that the person’s income is much higher for a person making expenditure of Rs. 0.6 million.
6.4 million persons are having NTNs, who are legally bound to file their annual income tax returns under the law. There are 3.7 million persons, who are registered but are not filing their income tax returns. It is their legal obligation to file their income tax returns, he said.
“The third initiative is that we have our own database and data of other federal and provincial government departments engaged in public dealings such as land records, and registration of vehicles. All these departments have now started sharing data of the purchase and sale of immovable properties, and registration of new cars with the FBR,” he added.
He further stated,
The FBR found that 8.9 million withholding has been deducted during the last three years. On average, we have received returns of around 1.5 million persons only during the last three years. If we minus 1.5 from 8.5, we are left with 7.4 million people. It is mandatory for these 7.4 million people (whose record of withholding is available) to also file their income tax returns with the FBR, but they are not filing their returns.
#EngineerMalikAnas
#PakistanWealthAcademy
Видео FBR picked filers declaring below taxable income-fbr income tax return filing 2020 канала Pakistan wealth academy
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