KARACHI: The government of Pakistan in the budget 2013-14 has proposed major amendments to Income Tax Ordinance 2001, which may be difficult for revenue officials to implement.
According to tax experts, the budget 2013-14 has proposed around 20 major amendments in the income tax laws which have further complicated the existing tax laws. The experts feel that complexities may have far-reaching implications on revenue collection.
The Income Support Levy Act 2013, which has been introduced for the first time through Finance Act 2013, would also be enforced and monitored by the Inland Revenue Service.
Under this law, a levy of 0.5 percent will be charged on all moveable assets, such as vehicles, prize bonds, cash-in-hand or bank, shares of public and private limited companies, etc.
The tax consultants are apprehensive about capacity and ability of revenue officials to rightly monitor the collection after the enforcement of the law. Similarly, by making it mandatory upon every taxpayer, irrespective of quantum of income to file wealth statement would be difficult to be monitor. Internews
