2024-09-04 21:23:35
Published: 19:36, 2 September 2024
The opportunity to whiten black money with 15 percent tax was finally abolished. The National Board of Revenue (NBR) has issued a Statutory Regulatory Order (SRO) in this regard.
The National Board of Revenue (NBR) informed this information in a press release on Monday (September 2).
The provision to show undisclosed assets by paying income tax at the rate of 15 percent was added through the Finance Act 2024, the press release said. A regular tax payer has to pay a maximum of 25% income tax on his income and if he owns a certain amount of assets he has to pay a surcharge of up to 35% on the tax payable, so it is fair to allow black money to become white by paying only 15% tax. An egalitarian tax system is discriminatory.
In order to establish a fair and equitable revenue system in such a situation, the National Board of Revenue vide notification in the Government Gazette (SRO No. 303-Act/Income-Tax-46/2024, Dated: 02/09/2024) on payment of 15 per cent income tax, special showing of undisclosed homogeneous assets including cash. Abolished the provision relating to system. The National Board of Revenue is committed to building a truly non-discriminatory, fair and progressive tax system.
NF/Rafiq