FBR refutes news saying new Finance Bill allowed non-filers to purchase immovable property

News Image

MG News | June 12, 2019 at 09:43 AM GMT+05:00

0:00

June 12, 2019: Federal Board of Revenue (FBR) has strongly refuted the news appearing in some sections of press which states that the new Finance Bill has allowed the non-filers to purchase immovable property or cars.

In a clarification statement on Tuesday night, it said the actual position is that the whole system of recognizing a non-filer as a legal entity has been done away with in the new Finance Bill.

It explained that under Income Tax Ordinance, every person earning taxable income should file his Income Tax Returns and, in case of failure of filing of Returns by persons involved in significant monetary transactions, a complete mechanism has been provided in the newly inserted 10th Schedule.

It said such persons will not only have to pay 100% more tax at withholding stage but will also be automatically assessed to tax and his imputable income will be treated as concealed income liable to penalties and prosecution.

Related News

Name Price/Vol %Chg/NChg
KSE100 166,553.28
727.76M
-0.47%
-793.56
ALLSHR 101,296.66
1,567.06M
-0.28%
-289.04
KSE30 50,903.27
227.71M
-0.57%
-289.80
KMI30 241,347.86
135.29M
-0.16%
-394.95
KMIALLSHR 66,524.37
778.95M
-0.27%
-179.92
BKTi 47,779.01
130.29M
-0.85%
-408.88
OGTi 32,913.20
28.90M
0.79%
259.34
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,280.00 111,065.00
106,950.00
-3825.00
-3.41%
BRENT CRUDE 62.94 63.02
61.38
1.62
2.64%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-1.00
-1.23%
ROTTERDAM COAL MONTHLY 92.75 0.00
0.00
0.70
0.76%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 58.88 58.96
57.34
1.64
2.87%
SUGAR #11 WORLD 15.13 15.44
15.03
-0.11
-0.72%

Chart of the Day


Latest News
October 22, 2025 at 05:05 PM GMT+05:00

PTL posts Rs282.56m profit


October 22, 2025 at 04:53 PM GMT+05:00

MCB Bank's 9MFY25 profit declines 15.5%


October 22, 2025 at 04:35 PM GMT+05:00

PIBTL swings to Rs616.5m profit in 9M2025



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg