Islamabad: According to press reports, the Senate Standing Committee on Finance has ordered the Federal Board of Revenue (FBR) to retract its directives to restrict tax defaulters’ bank accounts without warning.
Read More: FBR registered a 45% increase in income tax returns in 2021
Senator Talha Mahmood’s committee requested that the board retract the new instructions since they were believed to be anti-tax culture measures. According to the FBR’s guidelines issued on October 12, the board is no longer required to provide 24-hour notice before freezing the bank accounts of defaulters.
The committee also discussed the issue of mandatory corporation tax payment using the electronic payment system. Because many businesses are inexperienced with the technique, it has been stated that it will cause mayhem with the tax payment system.
Read More: FBR ask retailers to mention cash discounts on sales tax invoices
Members of the FBR responded by informing the committee that the action was taken to recover taxes that would not otherwise be recoverable. The committee advised the board not to send out frequent alerts to enterprises in order to encourage collaboration.
Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.