The federal government has decided to penalise traders required to register for income tax under Section 99B, but who fail to do so. They could face fines, up to six months in prison, or both.
According to Express News, the government has also decided to impose fines and up to one year in prison for bank officers who fail to provide the Federal Board of Revenue (FBR) with information on unregistered traders and taxpayers.
Details reveal that a new law is being introduced through the Finance Bill, amending the Income Tax Ordinance, to enforce this measure. The proposed amendments state that any bank, company, or association of persons that does not supply taxpayer information to the FBR will face penalties. Offending officers may be fined, imprisoned for up to one year, or both.
Also read: Taxation of salaried class essential for economic growth, says finance minister
Another proposed amendment to the Income Tax Ordinance suggests utilising data from the National Database and Registration Authority (NADRA) to expand the tax net.
According to the documents, the Finance Bill also proposes an amendment to the Customs Act. This amendment would allow the Customs Department to utilise the services of the Intelligence Bureau alongside the police for arrests in customs-related cases.
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