{"id":66498,"date":"2020-06-11T14:43:36","date_gmt":"2020-06-11T09:43:36","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=66498"},"modified":"2020-06-11T14:43:38","modified_gmt":"2020-06-11T09:43:38","slug":"fbr-for-introducing-new-measures-to-improve-tax-compliance","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-for-introducing-new-measures-to-improve-tax-compliance.html","title":{"rendered":"FBR for introducing new measures to improve tax compliance"},"content":{"rendered":"\n<p>Islamabad: The Federal Board on Revenue (FBR) is planning to introduce a higher tax-rate for individuals who aren\u2019t filers of sales tax and federal excise duty returns \u2014 with the initiative one of several other \u2018rigorous\u2019 procedures proposed to improve tax compliance, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/budget-2020-21-revenue-collection-target-set-pkr-4-95-tr-expenditures-remain-frozen.html\" target=\"_blank\" rel=\"noreferrer noopener\">Budget 2020-21: Revenue collection target set for PKR 4.95 tr; expenditures to remain frozen<\/a><\/p>\n\n\n\n<p>It is reported that the government might raise the tax rate from the standard 17% rate applicable for non-taxpayers. These non-filers will also be rendered unable to avail the input tax credit. As per the sources, the government is urging the FBR to retain the income tax exemptions under the second schedule; the final decision for which will be taken in a meeting scheduled for today (Thursday). The said meeting will also review proposals for withholding tax revisions.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/govt-to-announce-relief-budget-for-fy2020-21-hafeez-shaikh.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt to announce \u2018relief budget\u2019 for FY2020-21: Hafeez Shaikh<\/a><\/p>\n\n\n\n<p>In the upcoming budget, the tax authorities are seeking to abolish almost 10 withholding taxes that generate less revenue and play no role in documentation. In addition, the government is also planning on imposing a withholding tax on<a href=\"https:\/\/www.zameen.com\/news\/fbr-looks-introduce-tax-purchase-foreign-currency.html\" target=\"_blank\" rel=\"noreferrer noopener\"> foreign currency purchases<\/a>, as part of the Financial Action Task Force (FATF) guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board on Revenue (FBR) is planning to introduce a higher tax-rate for individuals who aren\u2019t filers of sales tax and federal excise duty returns \u2014 with the initiative one of several other \u2018rigorous\u2019 procedures proposed to improve tax compliance, according to news sources. Read: Budget 2020-21: Revenue collection target set for PKR 4.95 tr; expenditures to remain frozen It is reported that the government might raise the tax rate from the standard 17% rate applicable for non-taxpayers. These non-filers will also be rendered unable to avail the input tax credit. As per the sources, the government is urging the FBR to retain the income tax exemptions under the second schedule; the final decision for which will be taken in a meeting scheduled for today (Thursday). The said meeting will also review proposals for withholding tax revisions. Read: Govt to announce \u2018relief budget\u2019 for FY2020-21: Hafeez Shaikh In the upcoming budget, the tax authorities are seeking to abolish almost 10 withholding taxes that generate less revenue and play no role in documentation. In addition, the government is also planning on imposing a withholding tax on foreign currency purchases, as part of the Financial Action Task Force (FATF) guidelines.<\/p>\n","protected":false},"author":75,"featured_media":61403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[31413,31455],"persona":[],"class_list":{"0":"post-66498","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-for-introducing-new-measures-to-improve-tax-compliance","9":"tag-tax-compliance","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR for introducing new measures to improve tax compliance - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board on Revenue (FBR) is planning to introduce a higher tax-rate for individuals who aren\u2019t filers of sales tax and federal excise\" \/>\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\/fbr-for-introducing-new-measures-to-improve-tax-compliance.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR for introducing new measures to improve tax compliance - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board on Revenue (FBR) is planning to introduce a higher tax-rate for individuals who aren\u2019t filers of sales tax and federal excise\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-for-introducing-new-measures-to-improve-tax-compliance.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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