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ISLAMABAD: The Federal Board of Revenue (FBR) has further extended the deadline for digital payments by the corporate sector up to November 30, 2021.

In this regard, the FBR has issued an income tax circular 9 of 2021, here on Monday, on the extension in deadline stipulated under section 21(Ia) of the Income Tax Ordinance, 2001.

Sources told Business Recorder that the proposal was to extend the date for a period of 60 days.

However, the tax authorities have approved 30 days' extension for the corporate sector for switching over to the digital mode of payments.

Shift to digital mode of payments: FBR extends deadline to November 30

The 40 days grace period for switching over to the digital mode of payment expired on October 31.

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.

According to the circular, in exercise of the powers conferred under section 214A of the Income Tax Ordinance 2001 and taking cognisance of various representations filed by the taxpayers, the FBR has extended the deadline for digital payments by the corporate sector stipulated in section 21(Ia) of the Ordinance up to November 30, 2021.

Business community has repeatedly asked the FBR to clarify what payment comes within the purview of "digital mode".

Copyright Business Recorder, 2021

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