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Penalty to be imposed on non-filers of IT returns

Penalty to be imposed on non-filers of IT returns

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that FBR will impose penalty for non-filing of income tax returns.

FBR will now issue notices to the non-compliant existing taxpayers, who failed to file their income tax returns by the extended deadline of December 16, 2013, he said. Bajwa stated that the non-filers will be liable to pay penalty for each day of default as per provisions of the income Tax Ordinance 2001.

He added that the government’s new incentive scheme for dormant taxpayers and new taxpayers cover filing of returns for the past years.

Sources said that the non-compliant taxpayers will be issued notices under Section 114 of the Income Tax Ordinance 2001. Despite repeated extensions in the date of filing of income tax returns, certain existing taxpayers have not filed their tax returns for the current tax year.

Meanwhile, a statement of the Ministry of Finance said that Finance Minister Ishaq Dar has expressed satisfaction over the performance of FBR with regard to collection of revenues in the last 5 months of the tax year 2013-14. These observations were made by him during the presentation made by FBR at the Finance Ministry.

The Finance Minister was informed by the Chairman FBR that an amount of Rs 797 billion was collected by FBR up to November 2013 which shows an increase of 17 percent as compared to the corresponding period last year. The chairman also informed the Finance Minister that 814,981 tax returns were filed in the financial year 2013-14 up to 16 December, 2013 only. Whereas, during financial year 2012-13 the number of returns filed were 744,866.

The Finance Minister directed FBR to facilitate investors and implement the new incentive scheme in letter and spirit. The meeting was attended by senior officials of the Ministry of Finance and FBR, it added.