PTI Government is planning to make registration of the prize bond worth Rs.40,000 in an attempt of FBR to implement the Amnesty Scheme. The aim behind the need to declare bonds Rs.40,000 is to tighten the grip on people holding black money. State Bank of Pakistan will soon issue a circular in this month of June 2019.
Sources revealed the statement of Chairman FBR, Shabbar Zaidi about the prize bonds that they may soon end this trend. However, the rules and regulations regarding the registration of prize bonds will soon be released by Central Bank.
According to an estimate, around 260 billion people have purchased the prize bonds of worth Rs.40,000. Rumours are that after 30th of September, these bonds may be of no use.
State Bank of Pakistan is going to provide the data of around 4 million non-filers to FBR till 30th June. FBR is planning to take immediate action against the non-filers in order to make them Taxpayer. Around 5000 persons have recently applied for the tax Amnesty Scheme as per FBR.
Good news is that the number of persons for the Asset Declaration scheme has been increasing day by day.
According to FBR, the registration of the prize bonds will in return increase the number of applicants who will declare their assets.
FBR is reluctant to be part of any kind of press section which states that non-filers are allowed to buy immovable property and cars in the new Finance Bill.
In the new Finance Bill, it has been clarified that non-filers cannot be identified as a legal entity any more. The new budget 2019-20 has put an end to the non-filers. It all aimed at converting the non-filers into filers.
Previously PTI government has announced that they will soon launch the prize bonds for 1lac in Pakistan.
According to the reports, investors in Pakistan receives around 12.5% per annum of the bond amount. Therefore, the goal of government is to register all the prize bonds against those investors. This strategy will document the whole economy which has been remained undocumented in the past.
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