Reform proposed for Bill of Federal (VAT)

Business

Reform proposed for Bill of Federal (VAT)

Close

27 February,2010 12:42 pm

A reform in the current Bill of Federal Value Added Tax (VAT) has been proposed. According to the proposal, people who would be convicted in committing financial crimes may face five years of imprisonment along with Rs 500,000 in fine. The proposal would be implemented from July 2010.Five years of imprisonment along with Rs 50,000 fine would be imposed if fake refund claim or discrepancy in filing tax return with Federal Board of Revenue (FBR) would be discovered.Tax defaulters would be imprisoned for three years along with Rs 10,000 fine. Any individual who would deny access to FBR officials to storage facilities or company records would face three years imprisonment and Rs 25,000 fine.