FBR moves to penalise non-compliant retailers

Summary

• The Federal Board of Revenue (FBR) has decided to take action against retailers who failed to file income tax returns under the government’s fixed tax scheme, with non-compliant shopkeepers facing a penalty of Rs150,000 along with a notice to file their returns.
• FBR officials also noted that the Rs10,000 penalty under the new scheme was considerably lower than the penalties prescribed under the Income Tax Ordinance for failing to submit income tax returns and wealth statements.
• Under the scheme, retailers could pay fixed income tax equivalent to 1% of their turnover or a minimum of Rs25,000.

AI Generated Summary

The Federal Board of Revenue (FBR) has decided to take action against retailers who failed to file income tax returns under the government’s fixed tax scheme, with non-compliant shopkeepers facing a penalty of Rs150,000 along with a notice to file their returns.