The Federal Board of Revenue (FBR) has announced an extension for the submission of sales tax and federal excise returns.
In a notification issued on Saturday, the deadline has been extended by five days, moving from August 18 to August 23.
This extension provides additional time for taxpayers to file their returns for both sales tax (ST) and federal excise (FE). The move aims to accommodate taxpayers and ensure a smooth filing process.
The FBR's decision is expected to alleviate the pressure on businesses and individuals who may have been facing difficulties meeting the original deadline. By extending the deadline, the FBR hopes to improve compliance and reduce the risk of penalties associated with late submissions.
Also Read: Punjab imposes hefty new tax on salaries
On the other hand, on Friday, the Punjab government introduced a professional tax by amending the Punjab Finance Act of 1977, sparking concerns among residents across the province.
The new tax will be deducted directly from the salaries of employees across various sectors, placing an additional financial burden on workers.
The Punjab government, which has already faced criticism for several economic policies, has been accused of dropping another "bombshell" on the poor with this latest decision. The Punjab government had requested for an amendment to the Punjab Finance Act 1977.
The professional tax has been made mandatory for all companies operating within the province, requiring them to deduct the amount from their employees' salaries.
