- FBR will impose strict penalties for delays and non-compliance in filing sales tax returns
- Penalties include a PKR 10,000 fine for late submission of sales tax returns
- A reduced penalty of PKR 200 per day is applicable if returns are filed within ten days after the due date
- Additional penalties for not issuing proper invoices as required by law, with fines up to PKR 5,000 or 3% of the tax amount, whichever is higher
- Unauthorized issuance of invoices with tax amounts will attract a penalty of PKR 10,000 or 5% of the tax amount, whichever is higher
- The measures aim to enhance transparency, reduce fraud, and ensure adherence to legal tax obligations
- FBR is focused on improving tax administration and accountability in Pakistan
- Tax consultants suggest that while the penalties are a step towards a disciplined tax environment, improvements in online systems are needed to help taxpayers avoid penalties
- Taxpayers are urged to file their returns on time and accurately to maintain good standing with tax authorities and avoid financial penalties
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.
