The Federal Board of Revenue (FBR) has announced September 30, as the final deadline for filing income tax returns.
Taxpayers across the country are urged to meet the deadline, as the FBR has stated that no decision has been made to extend the submission date.
In a stern warning, the FBR emphasized that legal action will be taken against individuals and entities failing to file their returns by the deadline. Those who default on their tax obligations will face a daily penalty of 0.1% of the due tax amount.
The minimum fine for individuals is set at Rs1,000, while other categories, such as businesses and corporations, may face a minimum penalty of Rs50,000.
The FBR also clarified that those with foreign travel records, bank balances, owners of properties, houses, or vehicles are required to submit their tax returns without fail. Failure to comply with these requirements will result in severe penalties.
The FBR also announced that action will be taken against traders and shopkeepers who have not registered under the trader-friendly (Tajir Dost) scheme. Unregistered shops found in default will initially be sealed for seven days, with the closure extended to 20 days for repeated offences.
Additionally, shopkeepers will face hefty fines for non-compliance. The first default will result in a fine of Rs50 million, with subsequent defaults incurring penalties of Rs200 million each.
The FBR’s strict measures are aimed at increasing tax compliance and broadening the tax base, ensuring that all eligible taxpayers fulfill their legal obligations. Taxpayers are advised to submit their returns promptly to avoid penalties and legal action.
