ISLAMABAD: The President of Pakistan Dr Arif Alvi has Thursday promulgated the amended tax ordinance by signing it today scrapping the combined Rs140 billion tax relief in various sectors, ARY News reported.
The tax amendment ordinance now in effect, revokes many a concession extended to various sectors in the country for helping them thrive and survive, including for the entertainment industry as it notes this step shall help collect in the kitty Rs140 billion additional revenue under tax heads.
Moreover, the concession tendered to fresh graduates in tax cuts have been rescinded and people engaged in any sort of business will be required to hang publicly their National Tax Number (NTN) cards, while those that fail to abide by this shall be fined Rs5,000.
Also in the tax amendment ordinance, about 62 institutions have been allowed tax credit facility while real estate investment trust will continue to enjoy the tax cuts.
On the other hand, the people found to understate their income shall be liable of a fine 50 per cent of their payable taxes, according to the rolled out ordinance.
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Overall, 75 pc of the erstwhile tax ordinance have been amended which is not in effect starting today.
Even the publishers printing academic and school books will be liable to pay taxes that were extended exemptions earlier.
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