President Alvi promulgates Tax Laws Amendment Ordinance 2021
President Alvi promulgates Tax Laws Amendment Ordinance 2021
ISLAMABAD (Dunya News) - President Arif Alvi has promulgated the Tax Laws Amendment Ordinance 2021, which will empower NAB and NADRA to access taxpayers details.
As per detials, providing false information related to tax will result in a fine of at least Rs 500,000 and one year imprisonment after president has signed the Tax Laws Amendment Ordinance 2021.
With the implementation of the ordinance, the exemption of disclosing tax details to parliamentarians and government officials has been abolished.
The ordinance states that the FBR will have the authority to disconnect the telephone and electricity connections of non-filers and they can lose banking facility.
The NAB will also have the authority to reopen cases that had been closed for more than 20 years.
The NAB will have the right to access offshore tax data received under the OECD. According to the ordinance, various slabs of electricity bill for non-filer professionals have been taxed up to 35%.
Professionals include lawyers, doctors, accountants, engineers, IT professionals and other service providers. Companies and the corporate sector can make digital remittances up to Rs 25,000 under the ordinance.
