ISLAMABAD
\nThe government is likely to review the proposal regarding powers of tax officials to arrest persons under criminal proceedings for concealment of income and such powers may be restricted to concealment of Rs200 million and above.
\nThrough the Finance Bill 2021, it is proposed to substitute the Section 203 which at present deals with procedure of appeal against the order of a special judge. The bill proposed to substitute section 203A which provides that an authorised officer may arrest a person as per the provisions of the Code of Criminal Procedure, 1898 on the basis of material evidence and he has a reason to believe that person has committed an offence of concealment of income or an offence warranting prosecution.
\nFurther, where a person commits an offence, the chief commissioner with the prior approval of the Board either before or after the institution of any proceedings for recovery of tax, compounds the offence if such person pays the tax due along with such default surcharge and penalty.
\nAccordingly, existing section 202 is proposed to be deleted from the statute.
\nIf the person suspected of committing an offence or concealment is a company, every director or officer of that company whom the authorised officer has reason to believe that he is personally responsible for actions of the company contributing to offence or concealment of income or any offence, shall be liable to arrest.
\nProvided that any arrest shall not absolve the company from the liabilities of payment of tax, default surcharge and penalty.
\nThe sources said that after this proposal, the business community strongly reacted and termed it immense discretionary powers to the tax authorities. The government realising the sensitivity of the situation is likely to make changes to its actual proposal and now the power of tax officials can be restricted in those cases where concealment is above Rs200 million. The government will present the Finance Bill 2021 after making certain changes before the Parliament for approval.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The government is likely to review the proposal regarding powers of tax officials to arrest persons under criminal proceedings for concealment of income and such powers may be restricted to concealment of Rs200 million and above. Through the Finance Bill 2021, it is proposed to substitute the Section 203 which at present deals with […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-200601","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n