Karachi: The Federal Board of Revenue (FBR) recently announced that people who had declared their income and assets via the two amnesty schemes announced in the past will be exempted from the taxation agency’s audit process, according to a news report published on Thursday (August 27).
As per the FBR, the facility is available to all those who made declarations under Voluntary Declaration of Domestic Assets Act, 2018 and Asset Declaration Ordinance 2019. At the same time, the board has granted audit exemption facility to the amnesty scheme cases under federal excise and sale tax laws.
According to the federal institution, the immunity has been extended to all cases previously selected by the Commissioner Inland Revenue and Directorate I & II for audit under Section 177 and Section 175 for tax year 2018. In addition, the immunity has also been granted to the cases chargeable tax income of salary and/or pension exceeds 50% of taxable income. However, the same provision does not apply to the cases where income was generated via business.
At the same time, the board has extended the audit exemption to persons falling under its Final Tax Regime for the tax year 2018. Reportedly, the board will select 0.75% of cases for audit via a computerised ballot out of all the filers after income tax exclusion for tax year 2018.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
