FBR issues reminder to taxpayers

RECORDER REPORT

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a reminder to the taxpayers for payment of outstanding tax under the Assets Declaration Scheme, 2019.

According to an announcement of the FBR here on Tuesday, the taxpayers who had filed declarations under the Assets Declaration Act, 2019, as amended subsequently, are reminded to pay outstanding tax, along with default surcharge by the due date of June 30th, 2020.

Please note that in case of non-payment of tax and default surcharge by the due date, declaration filed under the scheme will become void, and any tax and default surcharge that has been paid will not be refunded.

Moreover, proceedings will be initiated for undisclosed assets, expenditure and sales, which may culminate to taxes and penalties amounting to 80 percent of the value of assets in addition to proceedings under various other laws.

It is further clarified that the due date for payment under the scheme will not be extended, the FBR added.