![\"\"](\"http:\/\/www.pakistanhc.lk\/wp-content\/uploads\/2013\/11\/Prime-Minister-Nawaz-Sharif-300x292.jpg\" "\\"Prime")
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The Prime Minister of Pakistan has announced today a multi-pronged tax incentive package aimed at promoting investment, creating jobs, and simultaneously enhancing tax collection, increasing the number of income tax return filers and acknowledging leading taxpayers. Previouslye, the stimulus package for the stock exchange introduced by the erstwhile government provided exemption from probing the nature and source of investment in listed companies and share of public companies subject to certain conditions. However, the Government has decided to shift the focus towards promoting industrial growth. Accordingly, an effective package has been announced by the Prime Minister of Pakistan.
\nThe salient features of this package are as under.
\n\u00d8 In order to promote investment in industrial undertakings and generate employment, the source of investment shall not be probed by the tax authorities in respect of persons, who set up an industrial undertaking\/expansion project on or after the 1st day of January, 2014.
\n\u00a7 The priority areas include Green Field Industrial Projects, captive power plants established under such projects, low cost housing construction, livestock, and mining and quarrying in Thar coal, Balochistan and Khyber Pakhtunkhwa. Expansion projects shall also be eligible under this scheme.
\n\u00a7 This facility shall not be available to certain sectors namely arms & ammunition, explosives, fertilizers, sugar, cigarettes, aerated beverages, cement, textile spinning units, flour mills, vegetable, ghee and cooking oil manufacturers, as these sectors are either already have excess capacity or are anti-social.
\n\u00a7 The facility will also not be available to Funds arising from crimes committed under Narcotic Substances Act 1997, Anti Terrorist Act1997 and the Anti money Laundering Act 2010
\n\u00d8 In order to promote tax culture and acknowledge leading taxpayers, the Prime Minister announced that top hundred taxpayers in each category of Companies (CEOs), Association of Persons (main shareholders), salaried individuals and non-salaried individuals will be issued Taxpayer\u2019s Privilege Card.
\n\u00a7 The holders of these cards will be entitled to use
\n\u00b7 VIP Lounge at airports;
\n\u00b7 fast track clearance at immigration counters;
\n\u00b7 issuance of gratis passport; and
\n\u00b7 increase in baggage allowance from $500 to $2,500.
\n\u00b7 Excellence Awards shall be given to top ten taxpayers in each category and they shall be invited to annual dinner with the Prime Minister at Excellence Award Ceremonies.
\n\u00d8 With the aim of enhancing income tax collection and simultaneously facilitating the existing taxpayers by providing an option to the taxpayers to avoid tax audit, the Prime Minister announced immunity from tax audit for those taxpayers who pay twenty five percent more tax for the tax year 2013 than the tax paid or assessed for the previous year.
\n\u00a7 To facilitate the taxpayers in availing this relaxation the PM announced extension in the date of filing of returns for the current tax year from 30th November to 15th December 2013.
\n\u00a7 Taxpayers who have already furnished their returns will be eligible to file revised returns to avail the facility.
\n\u00d8 With the intention to increase the number of return filers, increase tax collection and to reduce the gap between the NTN holders and the return filers, the Prime Minister announced an incentive to encourage NTN holders who have not filed income tax returns during last five years to file their returns by exempting them from penalty, additional tax and audit if they file their missing returns of the last five years.
\n\u00a7 However, immunity shall be available only if a minimum tax of twenty thousand rupees on the basis of taxable income has been paid.
\n\u00d8 In order to broaden the tax base, the Prime Minister announced immunity from audit, additional tax and penalty for those individuals who are not in the tax net.
\n\u00a7 To avail this immunity tax on the basis of taxable income should be 25,000 rupees or more.
\n\u00a7 Immunity from audit shall be available for tax years for which returns have been filed and for subsequent tax years equal to number of returns filed.
\n\u00a7 Top ten taxpayers in this category will also be provided with Taxpayer\u2019s Privilege Card and will also be entitled to the same privileges as mentioned above.
\n\u00d8 The provincial governments will be engaged to create ease of doing business by consolidating, rationalizing and minimizing the licensing, registration and inspection regimes.
\n\u00d8 The recognized trade bodies will be facilitated to avail the facilities associated with setting up of Special Economic Zones by ensuring acquisition of land through provincial governments.
\nPrime Minister also announced the establishment of Prime Minister\u2019s Business Advisory Council and Agricultural Advisory Council to be comprising members from the business community, agriculturists, civil servants and members of the Cabinet<\/p>\n","protected":false},"excerpt":{"rendered":"
The Prime Minister of Pakistan has announced today a multi-pronged tax incentive package aimed at promoting investment, creating jobs, and simultaneously enhancing tax collection, increasing the number of income tax return filers and acknowledging leading taxpayers. Previouslye, the […]<\/p>\n","protected":false},"author":2,"featured_media":2948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,63],"tags":[],"_links":{"self":[{"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/posts\/2947"}],"collection":[{"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2947"}],"version-history":[{"count":3,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/posts\/2947\/revisions"}],"predecessor-version":[{"id":8371,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/posts\/2947\/revisions\/8371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=\/wp\/v2\/media\/2948"}],"wp:attachment":[{"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pakistanhc.lk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}