FBR Proposes Significant Penalty Increases to Boost Sales Tax Compliance in 2024 Budget

• FBR proposes major penalty hikes for sales tax violations
• Proposal is part of budget recommendations for fiscal year 2024-25
• Minimum penalty for failing to maintain proper sales tax records to increase from Rs 10,000 to Rs 100,000
• Significant escalation in fines for non-compliance with audit procedures
• Minimum penalty for non-payment of sales tax to increase from Rs 5,000 to Rs 20,000
• Minimum penalty for contraventions of Sales Tax Act to increase from Rs 5,000 to Rs 20,000
• Penalties aim to enhance transparency, accountability, and compliance within tax system
• Stakeholders react with apprehension and cautious optimism
• FBR emphasizes importance of adherence to tax regulations and consequences for non-compliance.

Source: pkrevenue.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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