Penalty Enhanced for Not Integrating with Online Tax System
The government has decided to increase penalties against individuals and businesses that do not integrate with the online tax system by 300 percent, and it has also decided to impose a Rs1 per invoice tax on Point-of-Sale (POS) users in order to improve the state’s system and allocate funds for schemes.
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According to the specifics, the decision to enhance fines has been made since the government failed to achieve the intended tax collection results during the first two months of the fiscal year by integrating the POS with the Federal Board of Revenue (FBR) system.
In addition, FBR noted that the Rs 1 per sales tax invoice cost was enforced to generate funds for awarding prizes and enhancing systems. This tax was implemented in accordance with Section 76 of the Sales Tax Act, which authorizes the finance minister to impose any fee.
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To pacify critics, a prize scheme with a first prize of Rs 1.5 million and a second prize of Rs 1 million may be introduced by the end of this month.
Statistics indicate that by levying a Rs 1 fee, FBR will generate around Rs 260 million in current fiscal year (FY22). Through the integration, FBR will gain access to POS and be able to check for sales under-invoicing.
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