Pakistan has one of the lowest rates of tax-on GDP in the world. For the uninitiated, the tax-to-GDP ratio is used to assess country development year after year. They claim that the higher the Gross Domestic Product (GDP) of a country, the higher the amount of tax revenues the government can get by the same as the number of goods and services exported has increased.
With those exciting numbers and information out of the way, that’s why employed / paid people should care about filling their income tax now more than ever. You should have heard about bank transactions being very drawn to non-filers.
As it happens, even the actual interbank transfers are charged a new excise tax (WHT) under Section 236P of the Income tax Ordinance 2001 to non-filers. All bank operations will be taxed at 0.3% WHT unless they file their income tax returns by November 30th 2016. You are also charged more when you buy cars or other property. And if your WHT amount is greater than your applicable taxes, filing is the only option that can help you in a refund, usually in the thousands or rupees for the average person.
In addition, if you file a tax return then chances are you will be able to get better than regular services at airports, advertising offices and many other benefits not available to non-filers.
This is where this simplified guide comes in. It will explain how to file online tax forms without any hassle. You will no longer need to hire the services of a lawyer or tax adviser to do it for you.
And since the process of registering all over the internet, you don’t really have ‘aint no time for that’ gaming stuff (unless you have CNIC right now, when you have to visit NADRA office near you).