loading
  1. Home /
  2. Blog
  3. /
  4. More Incentives More Reasons To Become Filer

More Incentives, More Reasons to Become Filer

author Akbar Tejanidate January 26, 2019
More Incentives, More Reasons to Become Filer

The second mini budget was finally unveiled by Finance Minister on January 23, 2019. The Govt. has proposed has offered various incentives to capital markets and industries including agriculture, small and medium enterprises (SMEs), banks and automobile industry, in particular as part of the proposal. Some of the key incentives that should boost business and investors’ confidence are as follows:

·       Removal of tax on undistributed reserves by listed companies

·       Reduction in filing requirement of monthly advance tax return by withholding agents to bi-annual

·       No super tax on banking sector

·       Reduction of tax on inter-company dividends for group companies

·   Reduction in tax rates on banks’ interest income from advances given to Micro, SME, Low Cost Housing Finance and Farm Credit.

The government has also proposed some additional incentives to filers and / or additional taxes for non-filers as outlined below:

·       50% increase in rates of Advance Tax on registration of motor vehicles for NON-FILERS:

S. No

Engine Capacity

Tax for Non-Filers

Current

Proposed

1

850   cc or below

10,000

15,000

2

851   cc – 1000 cc

25,000

37,500

3

1001 cc – 1300 cc

40,000

60,000

4

1301 cc – 1600 cc

100,000

150,000

5

1601 cc – 1800 cc

150,000

225,000

6

1801 cc – 2000 cc

200,000

300,000

7

2001 cc – 2500 cc

300,000

450,000

8

2501 cc – 3000 cc

400,000

600,000

9

Above 3000cc

450,000

675,000

 

·       No Advance Tax on Cash Withdrawals and Banking Transactions for FILERS.

·    Option to carry forward capital losses on sale of securities for up to three years from tax year 2019 onwards.

It is only a matter of time, and one expects that the government will continue to offer more incentives to filers and tighten the noose for non-filers.

 

Have any questions or comments? Shoot us an email at info@befiler.com or call us at (021) 35303294-6 during office hours. 

 

Don’t forget to like us on Facebook and give us your feedback.

Suggested Blog Posts
Loading...

Befiler

Income Tax Return

File Taxes

E-filling & NTN Registration

The easiest & quickest way to become a filer online. Register NTN, file income tax, check your FBR tax return. Filing taxes in Pakistan has never been easier before.

Tax Questions & Tools

Salary Calculator

NTN Finder

FAQ

Blog

Contact Us

Tax Services

Befiler Tax Filing NTN Finder Salary Calculator income tax return tax refund tax preparation sales tax return filing e file income tax calculate tax return filing online file a tax return free tax online tax

accounts, amnesty, befiler, blog, business, calculator, capital, earning, excise, expense, fbr, filer, financial, house, income, invest, law, ntn, online, organization, pakistan, portal, property, returns, salary, sales, scheme, service, tax, withholding, AOP, Business registration, Online Preparing Tax Filing, NTN registration, NTN Verification, Salary tax calculator, FBR tax filing, Tax return, E-filing

logo dashboard image how to make ntn in pakistan how do i check my fbr return online benefit of filer pakistan how to open my fbr account without password atl status fbr fbr tax return last date pakistan income tax calculator last date for income tax returns pakistan salary tax pakistan taxation fbr tax rates pakistan sales tax rate ntn certificate fbr