ISLAMABAD Sep 18,2021- President Dr. Arif Alvi has signed the Tax Laws (Amendment) Ordinance, IV 2021 under which the National Accountability Bureau (NAB) will have access to taxpayers’ data, says a news agency report.
Section 198 of the Income Tax Ordinance was repealed after the Presidential Ordinance. And now the NAB will be able to open 20-year-old and closed files.
Under this ordinance, the Federal Board of Revenue (FBR) will have access to NADRA data to increase the tax net and the FBR has been given the power to disconnect non-filer mobile phones and utility connections.
In addition, providing false information about the tax will result in a fine of at least Rs 500,000 and a one-year sentence, and the exemption for disclosing tax details to members of the National Assembly and government officials will be lifted.
Under the ordinance, non-filers professionals will be taxed up to 35% on various slabs of electricity bill, while companies and the corporate sector will be allowed digital remittances of up to Rs 25,000.