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Tuesday , August 22 2017
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FBR finalising form for collecting Income Support Levy

FBR finalising form for collecting Income Support Levy

ISLAMABAD: FBR has published return forms for the current fiscal year but the prescribed forms for collecting Income Support Levy has not yet been finalized.

“The government is eyeing to collect Rs 15 billion through Income Support Levy during the current fiscal year,” FBR’s official sources said.

The forms for Income Support Levy are at the final stages and will be presented before Chairman FBR Tariq Bajwa for seeking his approval during this week. The forms will be published within next couple of days and will be dispatched to all LTUs and RTOs as well as on the website of FBR.

Efforts are underway to finalize form for those income tax return filers who will be liable to pay Income Support Levy having immoveable assets of over Rs 1 million.

The allocation for social safety net under Income Support Programme was increased to Rs 75 billion for providing benefits to 5.3 million families. This allocation would be increased to Rs 90 billion as the government would make part of this programme of collected money through 0.5 percent levy on immoveable assets of over Rs 1 million.

With change of name from Benazir Income Support Programme (BISP) to National Income Support Programme in the budget documents created a lot of difficulties for the authorities concerned to get release of allocated amount in first few months of the current fiscal year. Without getting salaries for last three months, Finance Ministry Ishaq Dar has finally released Rs 18 billion tranche of its allocated amount few days back that would pave the way for release of installments for the beneficiaries’ families.