FBR Introduces Monetary Penalties for Failure to File Sales Tax Returns in 2024

• FBR introduces monetary penalties for failure to file sales tax returns for Tax Year 2024
• Penalties outlined in updated Sales Tax Act, 1990
• Penalty of ten thousand rupees for late filing, reduced penalty if filed within ten days of due date
• Guidelines for return filing explained in Section 26 of Sales Tax Act, 1990
• Board reserves right to require specific individuals to submit quarterly or annual returns
• Introduction of electronic filing options to streamline process
• Avenue for rectifying errors or omissions in returns
• No penalty if revised return filed voluntarily before receiving audit notice
• Penalties levied in proportion to severity of violation
• Board has authority to require specific persons to submit import, purchase, and supply details
• Measures aimed at enhancing tax compliance and revenue collection for economic development in the country

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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