KARACHI: The Federal Board of Revenue (FBR) has directed action against the corporate taxpayers for imposing penalties over non-filing of returns and recovery of undeclared income for the tax year 2020.
The FBR has issued directives for all of its offices to collect fines from the corporate sector that failed to submit their income tax returns.
A large number of corporate taxpayers had failed to discharge their liability in the filing of income tax returns and payment of the due amount of duty and taxes in 2020.
The notices have been issued for recovery of penalty for non-filing of income tax returns and defaulting payment of income tax through an online system.
Read more: FBR surpasses Jan 2021 tax target, fetches Rs 364 billion
It is pertinent to mention here that the FBR announced on 01, January 2021 that achieve over 99 percent tax target for the first six months of the ongoing fiscal year, 2020-21, after it collected net revenue of Rs 2,204 billion.
According to a handout issued by the FBR, a collection of Rs 2,204 billion tantamount to the highest collection of the FBR in the first six months of any year. “This collection within the first six months of the fiscal year is five percent more than the previous year,” it said.