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September 21, 2021

Corporates May Switch Over To Digital Tax Payments in 40 Days

SLAMABAD: The Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the Digital Tax Payments effective from Nov 1.

An authority declaration on Monday said that in the mediating time frame corporate citizens might utilize the customary financial exchange techniques including cross checks, cross-bank draft, cross compensation orders, or some other crossed financial instrument showing move of sum from the business ledger of the citizen notwithstanding computerized method of installment as long as those are consistent with the law.

The changes were presented under the Tax Laws (third Amendment) Ordinance, 2021. The FBR has acquainted critical changes with the Income Tax law, 2001, with the end goal of recording the economy, catching the stockpile chains and widening the assessment base.

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