Startups

Only 29% NTN holders filed for income tax in 2016

Activities at the Federal Board of Revenue (FBR) are in full swing as the deadline of income tax filing is coming near.

Read also: How Salaried Employees Can File Income Tax

Federal Board of Revenue has partnered with banks and other financial institutions to increase awareness and importance of filing for income tax returns. Numerous meetings were held by the FBR in regards to discussing the bottlenecks individuals are facing in regards to filing tax returns. During the meetings, it was also discussed that organizations need to motivate the employees with taxable income to file their tax returns and “fulfill their national obligation.”

According to Ishaq Dar, Minister of Finance, only 29% of the National Tax Number (NTN) holders filed tax in 2016. These 29% people account for 1.1 million people out of a population of over 200 million.

The government of Pakistan has introduced several types of withholding and sales tax for filer and non-filers of income tax returns. The rate of which is higher for non-filers.

One of the many reasons why people who have just entered the tax filing bracket do not file tax returns is the absence of a user-friendly procedure that can make the whole process hassle-free. The process, at the moment, apparently, is so complex for the new filers that they require the help of tax consultants which also results in more expenses.

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Leave a Comment
Share
Published by
TechJuice

Recent Posts

Microsoft Launches AI-Powered “Support Virtual Agent” for Xbox Users

Microsoft has launched its AI-powered “Support Virtual Agent” chatbot for Xbox Insiders in the U.S.,…

9 hours ago

Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary

Android Authority recently polled its users to find out if they would purchase a Tesla…

9 hours ago

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

10 hours ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

10 hours ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

10 hours ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

11 hours ago