The Federal Board of Revenue (FBR) has announced September 30 as the final deadline for Pakistanis to file their income tax returns.
The revenue authority has made it clear that no extension will be granted beyond this date, warning that legal action will be taken against any individual or entity that fails to meet the requirement.
“Those who default will face a daily penalty of 0.1% of the due tax amount,” the FBR stated in a stern advisory. The minimum fine has been set at Rs. 1,000 for individuals, while businesses and corporations may incur penalties starting from Rs. 50,000.
The FBR emphasized that the tax filing obligation extends to all those with foreign travel records, bank balances, property ownership, or vehicle registration. Failure to comply will result in severe consequences.
In addition, the authority announced that crackdowns will be launched against unregistered traders and shopkeepers. Shops found to be in default will be initially sealed for 7 days, with the closure period extended to 20 days for repeat offenders.
Fines ranging from Rs. 50 million for the first offense to Rs. 200 million for subsequent violations will also be imposed.
Read more
No taxes will be imposed on prize money received by Arshad Nadeem, clarifies FBR
“The FBR’s strict measures are aimed at increasing tax compliance and broadening the tax base,” said an official. “Taxpayers must submit their returns promptly to avoid penalties and legal action.”
With the deadline fast approaching, the public is urged to fulfill their tax obligations to avoid facing the FBR’s wrath.
