ISLAMABAD: The Federal Board of Revenue (FBR) has granted another extension for the corporate sector to switch over to the digital mode of payments, up to December 31, 2021.
In this regard, the FBR has issued an income tax circular 10 of 2021, here on Wednesday, on the extension in deadline stipulated under section 21(Ia) of the Income Tax Ordinance, 2001.
Earlier, the Board had extended the deadline for digital payments by the corporate sector up to November 30, 2021.
Keeping in view practical difficulties faced by the corporate sector, the FBR has extended the deadline for another month, which expired on November 30.
The tax authorities have approved 30 days’ extension for the corporate sector for switching over to the digital mode of payments.
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 under Tax Laws (3rd Amendment) Ordinance, 2021.
The said period was extended up to November 30 and now further extended up to December 31, 2021.
According to the circular issued by the FBR here on Wednesday, in exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001 (hereinafter “the Ordinance”) and taking cognizance of various representations filed by the taxpayers, the FBR is pleased to extend the deadline for digital payments by Corporate Sector stipulated in Section 21(1a) of the Ordinance up to December 31, 2021.
Copyright Business Recorder, 2021