AVN 67.75 Decreased By ▼ -0.73 (-1.07%)
BAFL 30.98 Decreased By ▼ -0.02 (-0.06%)
BOP 4.81 Decreased By ▼ -0.10 (-2.04%)
CNERGY 3.76 Increased By ▲ 0.01 (0.27%)
DFML 13.98 Decreased By ▼ -0.25 (-1.76%)
DGKC 41.00 Decreased By ▼ -0.64 (-1.54%)
EPCL 47.05 Increased By ▲ 1.68 (3.7%)
FCCL 11.65 Decreased By ▼ -0.06 (-0.51%)
FFL 5.16 Increased By ▲ 0.06 (1.18%)
FLYNG 5.94 Increased By ▲ 0.09 (1.54%)
GGL 11.29 Increased By ▲ 0.88 (8.45%)
HUBC 67.95 Decreased By ▼ -0.55 (-0.8%)
HUMNL 5.70 Decreased By ▼ -0.05 (-0.87%)
KAPCO 28.04 Decreased By ▼ -0.18 (-0.64%)
KEL 2.27 Increased By ▲ 0.01 (0.44%)
LOTCHEM 26.20 Increased By ▲ 1.10 (4.38%)
MLCF 21.66 Increased By ▲ 0.08 (0.37%)
NETSOL 86.45 Decreased By ▼ -1.90 (-2.15%)
OGDC 100.49 Increased By ▲ 1.19 (1.2%)
PAEL 11.15 Increased By ▲ 0.04 (0.36%)
PIBTL 4.24 Increased By ▲ 0.01 (0.24%)
PPL 80.60 Decreased By ▼ -1.85 (-2.24%)
PRL 13.23 Decreased By ▼ -0.11 (-0.82%)
SILK 0.91 Increased By ▲ 0.01 (1.11%)
SNGP 43.90 Decreased By ▼ -0.48 (-1.08%)
TELE 6.07 Decreased By ▼ -0.11 (-1.78%)
TPLP 15.85 Increased By ▲ 0.04 (0.25%)
TRG 121.58 Increased By ▲ 1.83 (1.53%)
UNITY 14.00 Decreased By ▼ -0.10 (-0.71%)
WTL 1.32 Increased By ▲ 0.06 (4.76%)
BR100 4,181 Increased By 9.7 (0.23%)
BR30 15,270 Increased By 16.5 (0.11%)
KSE100 41,723 Increased By 200.6 (0.48%)
KSE30 15,746 Increased By 83 (0.53%)
Follow us

ISLAMABAD: The 40 days grace period granted by the Federal Board of Revenue (FBR) to the corporate sector for switching over to the digital mode of payment has expired on October 31. Legally, the FBR has enforced digital mode of payments for the corporate sector from November 1, 2021. So far, the FBR has not issued any further extension in the said grace period.

Tax experts told Business Recorder that the corporate sector practically cannot switch over to the digital mode of payment from November 1 in the absence of definition of the "digital mode". The FBR has to clarify the definition of the "digital mode". Business community is not clear that what payment comes within the purview of "digital mode"?

Digital mode of payments: FBR examining proposal to further extend deadline

The FBR had allowed the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments w.e.f. November 1, 2021 under Tax Laws (3rd Amendment) Ordinance, 2021.

This new provision is just like implementing the CNIC condition which cannot be enforced for the last many years. Keeping in view practical difficulties of the corporate sector, the FBR may extend the grace period, which has expired on October 31.

Copyright Business Recorder, 2021

Comments

Comments are closed.

Syed Zulfiqar Ali Nov 01, 2021 03:31pm
People fear to get registered or file return? since if did, harassments will start with no consideration for its genuine need
thumb_up Recommended (0)

Digital mode of payment: 40-day grace period granted to corporate sector ends

PL on POL products target: IMF-govt talks hamstrung by disconnect

ECP should announce election schedule for KP, Punjab: President Alvi

Death toll from Syria-Turkiye quake nears 10,000

Pak Suzuki announces plant shutdown yet again due to inventory shortage

MCB’s profit up 10% in 2022, forex income jumps 149%

LHC suspends ECP's order de-notifying 43 PTI MNAs

Pakistan navy to host 50 nations in maritime exercises from Feb 10

Sri Lanka bankruptcy to last until 2026: president

12 TTP terrorists killed in KPK’s Lakki Marwat: ISPR

AIIB chief economist briefed about state of economy