Tax experts said that the directive was issued to address the complaints of business community about the unnecessary attachments of the bank accounts for recovery of the disputed amounts from the bank accounts of the taxpayers without fulfillment of legal process.
Under Section 48 recovery of arrears of tax of the Sales Tax Act , where any amount of tax is due from any person, the officer of Inland Revenue may attach and sell or sell without attachment any moveable or immovable property of the registered person from whom tax is due and recover such amount by attachment and sale of any moveable or immovable property of the guarantor, person, company, bank or financial institution, where a guarantor or any other person, company bank or financial institution fails to make payment under such guarantee, bond or instrument.
Inland Revenue officials are legally empowered to attach bank accounts or stop clearance of imported goods or manufactured goods under section 48 of the Sales Tax Act Similarly, under Section recovery of tax from persons holding money on behalf of a taxpayer of the Income Tax Ordinance , for the purpose of recovering any tax due by a taxpayer, the Commissioner may, by notice, in writing, require any person owing or who may owe money to the taxpayer; or holding or who may hold money for, or on account of the taxpayer; holding or who may hold money on account of some other person for payment to the taxpayer; or having authority of some other person to pay money to the taxpayer, to pay to the Commissioner so much of the money as set out in the notice by the date set out in the notice.
We love hearing your feedback, please help us improve by answering these 5 survey questions. Attachment of bank accounts of taxpayers: FTO for restricting powers of tax officials The normal procedure of law would apply for attachment of bank accounts of the taxpayers. Attachment of bank accounts: IR officials can recover ST arrears from defaulters Tax experts said that the directive was issued to address the complaints of business community about the unnecessary attachments of the bank accounts for recovery of the disputed amounts from the bank accounts of the taxpayers without fulfillment of legal process.
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Tax, state building and governance are intertwined. Afghanistan, inclusivity, human rights and TTP. Together we need to rise to the challenges. This material may not be published, broadcast, rewritten, redistributed or derived from. Balochistan CM faces no-confidence motion Next Story. FBR to recover disputed taxes from bank accounts Withdraws instructions to bar taxmen from taking money without prior intimation to account holders Shahbaz Rana October 12, The FBR had launched a campaign to convince 7.
This campaign too did not help. Replying to X. This withholding and alike are never refunded. So donot consider this as a case of refund. If the tax evaders have not taken advantage of it so far, go after them with full force. Tanveer, They are doing it for benami account, overseas doesn't have benami accounts, they will show source of income and will come out clean.
Go with full force after tax avaders but expect slow growth and high unemployment for one or two years. Good money or bad money - when circulated in the system promotes growth and reduces unemployment - I expect a halt in that circulation. Syed A. If banks will start releasing the detail of their accounts holders as who has more than 5 million rupees in their account the account holders will withdraw all of their money from the banks due to economic uncertainty in the country.
When banks accounts will be closed then how banks will deposit their money in State Bank of Pakistan and how would PTI government will borrow money from State Bank to meet its day to day expenses. Due to economic crunch of many world renowned banks were shut down in Western Countries but this economic crunch did not affected Pakistani Banks in the country as in banks survived due to parallel economy. Are we proceeding towards Pakistan's ecomonic crunch in when Imran Khan would like to make every single penny transparent within split of a second to clear the mess of more than seven decades.
One never know when would government issued instructions to freeze such accounts and people will lose all their money whether it is hard earned or not. Must grab those industrialist who are consuming huge quantity of Electricity and not paying taxes on their product profit.
Be fair in issuing notices to those who have 5 Million or more on casual basis. They will scare away all business and investors with their gestapo like tactics.
Adnan Akhter. If more power is given to IOs, this will definitely haunt politicians their hands are not clean they know this. You make money Pay taxes. But These guys are asking same question 10 times. We have explain them. Get the letter from CA. Better to keep the money in Dollar some where without Paying taxes.
Patriotic , Your suggestion is simply impossible to implement. Paper currency is still the most commonly used mode of payment even in developed countries except Norway I believe.
It is still a profitable business to print money and there are a couple of giants who print money for many countries. Every year the quantum of printing currency is increasing.
Pakistan is not just Khi, Isld and Lahore. There are millions of villages where people live and millions who cannot read or write and you are planning to ban paper currency. Tipu, Modi tried to do this. That only created a chaos in the market and among the people and the end result was a big failure on part of the government to unearth any black money. It was an ill advised exercise. Shahid, Try to be more practical while suggesting solutions.
For e. Capital punishment is only applicable in cases of murders and high treason and please don't give arguments like corruption is an economic treason etc. Prize bonds were introduced to bring undocumented wealth to the formal economy through State Bank, so it cannot be linked to CNIC, who will buy it then?
Last but not the least elimination of paper currency bigger denominations is simply not possible given the size of illiterate population and the economic mix we are living in. Mushtaq Ahmed. Even in developed counties people are reluctant to pay tax. However, tax collection process and law enforcement is so effective that no one but handful dare not to file their tax returns. In Pakistan since there are no serious consequences for not paying tax, people simply ignore and look for various means to not pay tax.
Syed , If they are paying proper taxes, they don't need to worry. Pakistan MUST impose capital gain tax on interest earnings and it should be deducted at the source. This is the only way to check the increasing cost of paying interest on governments domestic debt. Jun 20, am. Pak banking system is most modern, almost all schedule banks have online banking facilities,online transfers.
Tax base can be broadened by offering incentives, and corruption can be curbed by freezing the accounts of legislators and politicians, ECP can instantly disqualify all corrupts. Salaria, Aamir Ahmad. Jun 20, pm. What else can they do when nobody voluntarily pays taxes in the Islamic Republic of Pakistan. In fact, a negligible minority of people who do pay some taxes, do so involuntarily, since being government employees, they have no choice but to be automatically taxed before getting their paychecks.
Therefore, how can a government operate or viably function without collecting taxes from its citizens, working domestically or abroad? Is it true chairman FBR is also non tax filler, He did't submitted his last 3 years of tax's. Riaz Ahmad. Latest Stories.
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