Task force to collect data on incomes, assets

[Lahore_Real_Estate]

ISLAMABAD: The Reforms Coordination Group set up to spearhead the ongoing reform process has proposed the establishment of a task force at FBR headquarters for data collection.

The group, which held a meeting here on Thursday chaired by Vakil Ahmed Khan, adviser to FBR chairman, recommended the task force with the objective to gather and use data on incomes, expenses and assets of persons from different sources, laying emphasis on utilisation of the same for ensuring correct filing of Income Tax returns for the tax year-2010 and tracing the non-filers for necessary action under the law.

It was also recommended that updated data of electricity consumers and the data collected as per survey forms in 2001 would be utilised to enforce the Income Tax returns filing.

It was also decided that the group will present its subject-wise reports after further deliberations as early as possible.

The progress and general direction of tax reforms in the light of reforms objectives were discussed in detail. It was observed that the objectives were needed to be disseminated to all the stakeholders in a more elaborate manner for a proper and better understanding of the reforms initiatives.

The FBR in a press release said that the tax will be charged at a flat rate of 25 per cent for the purpose of income tax returns filed by AoPs, as provided in the Finance Bill, 2010.