Karachi: According to news reports, the Sindh Revenue Board (SRP) has proposed a ‘one-time’ incentive for tax defaulters on Monday in order to satisfy provincial revenue targets set in the budget for fiscal year (FY) 2020-21. This measure was implemented on the orders of Chief Minister Sindh (CM) Murad Ali Shah in order to reach the PKR 135 billion revenue target and expand the tax net.

Read more: Sindh government releases Rs1.578 billion in mega-scheme for Karachi

The tax default surcharges and liabilities will be waived for the first 12 days of June, according to the press release. To take advantage of the deal, tax defaulters must merely pay the principal amount before the deadline. The concept is further explained in the document, which states that if taxes are filed before June 21 and 30 (respectively), only 5% and 10% of the default surcharge is charged, but penalties are still excluded. The decision was made in response to business associations and the Sindh Chamber of Commerce and Industry’s appeal.

Read more: Energy Minister announces Solar Powers for 200,000 Households of Sindh

The offer comes in response to business leaders in Karachi and Hyderabad who have sought the federal and provincial governments to waive taxes for the current fiscal year due to pandemic-related lockdowns.

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.