{"id":52398,"date":"2019-05-28T15:38:53","date_gmt":"2019-05-28T10:38:53","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=52398"},"modified":"2019-05-28T15:38:53","modified_gmt":"2019-05-28T10:38:53","slug":"plans-in-place-to-document-economy-through-upcoming-finance-bill-2019","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/plans-in-place-to-document-economy-through-upcoming-finance-bill-2019.html","title":{"rendered":"Plans in place to document economy through upcoming Finance Bill 2019"},"content":{"rendered":"<p>Islamabad: Through the upcoming Finance Bill 2019, the federal government of Pakistan will introduce measures to document the economy and broaden the tax base, according to a news source. Federal Board of Revenue Chairman Shabbar Zaidi has prepared a proposal to bring more people into the tax net.<\/p>\n<p>Read:\u00a0<a class=\"row-title\" href=\"https:\/\/www.zameen.com\/news\/fbrs-property-tax-revenue-grows-58.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR\u2019s property tax revenue grows by 58%<\/a><\/p>\n<p>The FBR wants the government to make it compulsory for owners of credit card machines to file their income tax returns, as a large number of shops and businesses run these machines. The board also suggested the government to make it mandatory for the manufacturers to register their dealers and distributors for filing returns. The FBR has learnt that many dealers of known manufacturers are <a href=\"https:\/\/www.zameen.com\/news\/salient-features-of-benami-act-revealed.html\" target=\"_blank\" rel=\"noopener noreferrer\">Benami<\/a>, as the existing taxation system encourages manufacturers to not declare their expenditures.<\/p>\n<p>Read:\u00a0<a class=\"row-title\" href=\"https:\/\/www.zameen.com\/news\/fbr-chief-warns-tax-defaulters-of-strict-action.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR chief warns tax defaulters of strict action<\/a><\/p>\n<p>In addition, the board is considering a proposal to give tax exemptions to exporters if they file their income tax returns and declare their expenditures. It is also believed that the presumptive tax regime for importers will abolished in the upcoming budget.<\/p>\n<p>Read:\u00a0<a class=\"row-title\" href=\"https:\/\/www.zameen.com\/news\/fbr-chief-promises-long-term-tax-reforms.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR chief promises long-term tax reforms<\/a><\/p>\n<p>In the Finance Bill 2019, the government will announce sales tax on restaurants from the next fiscal year. The revenue collected from restaurant owners will be distributed to the provinces. Furthermore, the relaxation to bring one phone without paying tax by incoming passengers will also be removed. At the same time, the FBR proposed the government to reduce taxes on the import of mobile phones. The FBR will also analyse the tax gap to identify untaxed business activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Through the upcoming Finance Bill 2019, the federal government of Pakistan will introduce measures to document the economy and broaden the tax base, according to a news source. Federal Board of Revenue Chairman Shabbar Zaidi has prepared a proposal to bring more people into the tax net. Read:\u00a0FBR\u2019s property tax revenue grows by 58% The FBR wants the government to make it compulsory for owners of credit card machines to file their income tax returns, as a large number of shops and businesses run these machines. The board also suggested the government to make it mandatory for the manufacturers to register their dealers and distributors for filing returns. The FBR has learnt that many dealers of known manufacturers are Benami, as the existing taxation system encourages manufacturers to not declare their expenditures. Read:\u00a0FBR chief warns tax defaulters of strict action In addition, the board is considering a proposal to give tax exemptions to exporters if they file their income tax returns and declare their expenditures. It is also believed that the presumptive tax regime for importers will abolished in the upcoming budget. Read:\u00a0FBR chief promises long-term tax reforms In the Finance Bill 2019, the government will announce sales tax&hellip;<\/p>\n","protected":false},"author":18,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[11768],"persona":[],"class_list":{"0":"post-52398","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-fbr-to-document-economy-through-upcoming-finance-bill-2019"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Plans in place to document economy through upcoming Finance Bill 2019 - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Through the upcoming Finance Bill 2019, the federal government of Pakistan will introduce measures to document the economy and broaden the tax\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/plans-in-place-to-document-economy-through-upcoming-finance-bill-2019.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Plans in place to document economy through upcoming Finance Bill 2019 - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Through the upcoming Finance Bill 2019, the federal government of Pakistan will introduce measures to document the economy and broaden the tax\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/plans-in-place-to-document-economy-through-upcoming-finance-bill-2019.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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