Pakistani President Dr. Arif Alvi announced the amended tax regulation on Thursday by signing it today to abolish the combined tax cuts of Rs 140 billion Across different sectors.
The current tax amendment ordinance repeals many concessions that have been extended to various sectors of the country to help them thrive and survive, including the entertainment industry, as this move aims to bring in an additional $ 140 billion. Rs in revenue control heads to reach.
In addition, the concession to new candidates for tax benefits has been withdrawn and people involved in any kind of business are required to publicly show their NTN (National Tax Number) card while those who fail to comply with these rules will be fined Rs 5,000.
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Also, about 62 institutions received a tax credit in the tax amendment scheme, while the real estate investment association continues to benefit from the tax benefits.
On the other hand, those found to underestimate their income will have to pay a fine of 50 percent of their tax due under the rolled out regulation.
In total, 75 percent of the previous tax regime has been changed, which is no longer valid as of today.
Even publishers who print textbooks and textbooks have to pay taxes that were previously exempt from tax.
According to the details, the regulation amending the NEPRA law was passed under pressure from the International Monetary Fund (IMF) on the Pakistani federal government.
The government was given the authority to receive Rs 140 billion. For bills. The government can charge a 10% surcharge on bills.
According to a suggestion by President Dr. Arif Alvi has signed the regulation, more than 75 changes have been made to the tax code. Tax exemptions granted to Shaukat Khanum Memorial Trust, Sharif Trust and Alamgir Welfare Trust remain in effect.
According to the regulation, the electricity grid must receive 1400 billion rupees annually. The government has required a surcharge to repay the circular debt. NEPRA has autonomy with regard to electricity prices.
Tax evaders are fined 50 percent of the tax if they declare less income. There will be a fine of Rs 5,000 for not displaying the tax number in the store and not filing tax return.
The installation of a new oil refinery is only exempt from tax until December 31, 2021. On July 1, 2021, income tax was levied on private power plants.
