Filing WT statements made mandatory Finance Bill 2013 approved by National Assembly on Thursday made it mandatory for all taxpayers to file wealth statements along with income tax returns for Tax Year 2013 onwards. The amendments approved in the Finance Bill (2013) has specified that the filing of wealth statements by all taxpayers would be applicable for Tax Year 2013 and onwards. Through the amendment, the Federal Board of Revenue has clarified that it would be applicable for Tax Year 2013, official said. National Assembly also approved another major amendment to the Finance Bill (2013) that the federal government would notify rate of tax for builders and developers in the official gazette. The federal government may also specify the mode, manner and time of payment of such amount of tax. Instead of minimum tax on builders and developers, now the federal government would notify rate of tax for builders and developers in the official gazette. Through the amended Finance Bill approved by the National Assembly, (i) in sub-section (1), for the words "at the rate of rupees twenty five per square foot as per the construction or site plan approved by the relevant regulatory authority" the words and full stop "at the rates to be notified by the federal government in the official gazette. The federal government may also specify the mode, manner and time of payment of such amount of tax." shall be substituted, approved rate added.
Posted on: Fri, 28 Jun 2013 05:56:12 +0000
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