ISLAMABAD: The Federal Board of Revenue (FBR) has notified various penalties for non-compliant taxpayers through Income Tax Circular no.01 of 2024-25 and announced in the budget 2024-25.

Serial number 1B has been added to section 182 of the law. It says that if a taxpayer stops doing business and still doesn’t file their returns, even after being asked, they will be fined the higher of 0.1 per cent of their tax due for the year or Rs1,000 per day of default, with a minimum of Rs10,000 or Rs50,000 for individuals or other persons.

The punishment for not following section 99B has been set by adding another row to the table under section 182 (serial 3A). If a business owner does not register or pay advance tax under the Tajir Dost Special Procedure, 2024, his shop can be closed for seven days for the first time and 21 days for each subsequent default.

Published in Dawn, July 31st, 2024