ISLAMABAD – The federal government has proposed tough recommendations to discourage delay in filing of tax returns and withholding statement.
Reports said the finance bill has recommended Rs2,000 fine over not filing the withholding statement under Section 165.
It has also proposed to increase the fine to 25% on those who do no file the tax returns. Furthermore, it has recommended Rs200 per day fine on delay in depositing tax.
Normally, the Federal Board of Revenue (FBR) has to extend the deadline to file the tax returns for multiple times every year following the demands of the business community.
However, the imposition of fine is expected to help the tax collection body to streamline the record timely.
Budget 2023-24: Pakistan imposes 0.6 tax on bank transactions above Rs50,000
