FBR may introduce taxpayers’ card for reducing refunds

0
284

ISLAMABAD: Federal Board of Revenue (FBR) may introduce taxpayers’ smart card for broadening of tax base and reduction of refunds.
Sources in FBR said that tax managers recommended introduction of taxpayers’ smart card in budget 2018/2019 with objective of providing direct incentive to compliant taxpayers.
The sources said that it has been recommended that a taxpayer card should be introduced, and all the individual holders of the card shall be entitled to a reduction of 50 percent adjustable withholding taxes under Chapter XII of the Income Tax Ordinance, 2001 subject to the condition that the taxpayer presents the card to the withholding agent at the time of payment.
The card may be collected from the tax office holding jurisdiction of the individual within seven days after making a payment of Rs1,000.
Further the card should be renewable annually, on a payment of a renewal fee of Rs200.