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.
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.
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.
Please contact Al Sadat Marketing for further assistance.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005