President Arif Alvi issues ordinance
The federal government introduced on Thursday over 75 amendments to the country’s tax laws, which will be applicable immediately.
The amendments were introduced through the Tax Laws Amendment Ordinance, 2021 issued by President Arif Alvi.
People hiding their income will face fine worth 50% of their due tax. Shop owners will be fined Rs5,000 for not displaying tax numbers.
There will be Rs5,000 fine for those not filing tax returns or wealth statements, according to the ordinance.
Businesses will have to display their National Taxation Numbers or Business Cards, or face fines.
The government has withdrawn tax exemption for fresh graduates and investment companies. It has imposed income tax on textbook boards and private power companies too.
On the other hand, Finance Minister Hafeez Shaikh predicted 3% economic growth this year. He said the country’s economy was recovering very well.
Shaikh said the central bank and other financial institutions were being modernised so that they could perform without any political interference.