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Traders to present performa for new taxpayers to FBR

Traders to present performa for new taxpayers to FBR

ISLAMABAD: The business community will present a simple performa for the new taxpayers in the meeting held today between business community and the FBR officials.

According to details, the Federal Board of Revenue (FBR) and business leaders have agreed on devising a simplified performa for the new taxpayers.

As per the Finance Act 2015, a new section 236P was introduced in the Income Tax Ordinance 2001. This section envisages 0.6 percent adjustable withholding tax on all banking transactions of more than Rs. 50,000/- per day issued by an account holder who has not filed income tax return for tax year 2014.

It is important to mention here, that in the previous meetings the business community expressed satisfaction on the government’s initiatives to try to address reservations of business community. They expressed their satisfaction on the return performa for tax year 2015 for existing non- corporate taxpayers, and proposed that a more simplified performa of tax return for new filers may also be devised. The chairman of the committee offered the business leaders to prepare the draft performa for the new taxpayers, which may be discussed in next meeting. The business leaders accepted the offer and promised to prepare a simplified performa.