The Federal Board of Revenue (FBR) has introduced a penalty provision under Section 182(2) of the Income Tax Ordinance, 2001 for individuals or businesses failing to issue cash memos, invoices, or receipts when required by the ordinance or related rules.
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Penalty for non-filing tax return and wealth statement
Section 182(1) of Income Tax Ordinance, 2001 has prescribed penalty for non-filing of tax return and wealth statement:
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Sales tax return filing portal likely to start by next month
ISLAMABAD: The single portal for filing sales tax returns – by registered taxpayers of federal and provincial tax authorities – is likely to start by next month.
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Businesses require to obtain tax license
Section 181D of Income Tax Ordinance, 2001 explains that businesses are required to obtain the tax license.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 181D of Income Tax Ordinance, 2001:
181D. Business licence scheme.-(1) Every person engaged in any business, profession or vocation shall be required to obtain and display a business licence as prescribed by the Board.
(2) Where a person fails to obtain business licence under sub-section (1), the Commissioner may, in addition to and not in derogation of any punishment to which the person may be liable under this Ordinance or any other law, impose a fine of –
(a) twenty thousand Rupees, in case of a taxpayer deriving income chargeable to tax under this Ordinance; or
(b) five thousand Rupees, in all other cases.
(3) The Commissioner may, by an order in writing, cancel a business licence issued under sub-section (1) after providing an opportunity of being heard to the person, if –
(a) such person fails to notify any change in particulars within thirty days of such charge; or
(b) such person is convicted of any offence under any federal tax law.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Businesses require displaying NTN
The Federal Board of Revenue (FBR) in Pakistan has reinforced the requirement for businesses to prominently display their National Tax Number (NTN) at all places of operation, in accordance with Section 181C of the Income Tax Ordinance, 2001.
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FBR to issue card to honor taxpayers
In a progressive move towards acknowledging and rewarding responsible taxpayers, the Federal Board of Revenue (FBR) has introduced the concept of a taxpayer honor card through an amendment to the Income Tax Ordinance, 2001.
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FBR collects Rs107.38 billion as FED from cigarettes
The Federal Board of Revenue (FBR) has reported a substantial increase in the collection of Federal Excise Duty (FED) during the fiscal year 2020/2021, with the duty on cigarette sales leading the way.
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Active taxpayers’ list under ITO
The Federal Board of Revenue (FBR) has fortified its tax administration toolkit with Section 181A of the Income Tax Ordinance, 2001, which delineates the creation and regulation of the Active Taxpayers’ List (ATL).
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Registration of taxpayers for income tax
Section 181 of the Income Tax Ordinance, 2001 provides a framework for the registration of taxpayers.
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FBR can obtain information of exempt income
The Federal Board of Revenue (FBR) has fortified its ability to gather information on incomes from industrial and commercial undertakings exempt from tax.
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