FBR pauses Affidavit rule for Sep tax returns

By MG News | October 18, 2024 at 10:59 AM GMT+05:00
October 18, 2024 (MLN): At the request of trade bodies and to ensure stakeholder confidence, the Federal Board of Revenue (FBR) has decided that the filing of an affidavit will not be required for the tax period of September 2024, which is due in October 2024.
Additionally, the FBR will accept alternative proposals from stakeholders until October 31st to address the issue of falsified sales tax returns.
The Board may modify the affidavit's requirements if valid concerns from stakeholders are raised.
During the data-driven analytic exercise of sales tax returns filed by major businesses, it was observed that significant fraudulent practices are being employed by some of their authorized representatives and CFOs and that they are not exercising due diligence.
Even the analysis within sectors and sub-sectors shows huge discrepancies.
It is noteworthy that such discrepancies could not exist if the authorized representative and CFOs of the companies had exercised due diligence.
In this backdrop, it was decided by FBR that CFOs/authorized representatives will submit an affidavit along with sales tax return regarding its correctness.
Since FBR's move, a number of representations have been received from various trade bodies including FPCCI that affidavits for CFOs/authorized representatives of the companies about the correctness of the sales tax return in terms of section 26 of Sales Tax Act, 1990, has caused hardship.
However, on request of trade bodies and in order to take all stakeholders in confidence, this relaxation is being provided by the revenue board.
However, it is again emphasized that no new legal obligation arises out of the “affidavit” and that the registered taxpayers should always be cognizant of the fact that declaration of fake or flying invoices and suppression of sale is a cognizable offence under the sales tax law and all registered persons need to exercise extreme caution while filing returns to avoid pecuniary and criminal liabilities.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 131,949.07 198.95M |
0.97% 1262.41 |
ALLSHR | 82,069.26 730.83M |
0.94% 764.01 |
KSE30 | 40,387.76 80.88M |
1.11% 442.31 |
KMI30 | 191,376.82 77.76M |
0.36% 678.77 |
KMIALLSHR | 55,193.97 350.11M |
0.22% 119.82 |
BKTi | 35,828.25 28.42M |
3.64% 1259.85 |
OGTi | 28,446.34 6.84M |
-1.02% -293.01 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 108,125.00 | 110,525.00 107,865.00 |
-2290.00 -2.07% |
BRENT CRUDE | 68.51 | 68.89 67.75 |
-0.29 -0.42% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
0.75 0.78% |
ROTTERDAM COAL MONTHLY | 106.00 | 106.00 105.85 |
-2.20 -2.03% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 66.50 | 67.18 66.04 |
-0.50 -0.75% |
SUGAR #11 WORLD | 16.37 | 16.40 15.44 |
0.79 5.07% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|