Islamabad: The Federal Government Has Decided To Impose A Fine Of More Than 300 Percent On All Such Individuals And Entities Who Do Not Link Themselves To The Online Tax System.
The Ministry of Finance has proposed a fine of Rs 1 million to Rs 3 million on all individuals and businesses and entities that do not link themselves to the FBR’s Point of Sales (POS) system online. Will do
These penalty proposals are included in the Third Tax Amendment Ordinance 2021, which is currently under consideration by the Law Department. The proposed Legal Amendment Ordinance also includes a list of all businesses that are to be linked to the FBR’s online system.
It is to be noted that the target of Rs 50 billion is planned to be achieved through this system in the revenue target for the current financial year, while in a recent press conference, FBR Chairman Dr Muhammad Ashfaq Ahmed said that the first two During the months of July and August, about 550 more retailers connected to the FBR system.
Finance Minister Shaukat Tareen has vowed to increase the number of points of sale from 11,000 to 500,000. The current situation is that if a retailer does not connect his business to the FBR’s online system, he can be fined Rs 1 million and the business can be sealed.
He said that in the new proposals, those who do not meet the deadline for the first time, ie those who default for the first time, will be fined Rs. 500,000 while those who default for the second time will be fined up to Rs. 1 million. In case of doing so for the third time, the fine will be increased to Rs 2 million and after 15 days the fine will be increased to Rs 3 million and such business will also be sealed.