ISLAMABAD: The National Assembly (NA) has introduced new amendments in the Finance Bill 2021-22 for the next financial year.
The amendment changes the time duration after which any individual in Pakistan is legally required to file taxes. Anyone living in Pakistan for 183 days will be taxed and will be required to file a tax return.
Previously, the finance bill had 120 days instead of 183 as the minimum duration.
Finance bill
As per Article 203A of the Finance Bill, if a tax filer evades more than Rs100 million, he will be arrested. In contrast, the non-filer would be arrested for tax evasion of more than Rs25 million.
Under Article 203A of the Finance Bill, arrests will be approved by a relevant committee and would be subject to permission of the finance minister, FBR chairman and FBR senior member.
Furthermore, the Finance Bill amends a 7 per cent reduction in GST on poultry feed, returning it to 10 per cent instead of 17 per cent; a 2.5 per cent reduction in federal excise duty on small vehicles; whereas 2.5 per cent increase in excise duty on vehicles up to 1000cc.
Implementation of the Finance Bill will begin on July 1, 2021.
