ISLAMABAD: Federal Board of Revenue (FBR) considering massive rise in monetary penalty for violating general provisions of income tax laws.
According to sources in Federal Board of Revenue (FBR), the Large Taxpayers Unit (LTU) Karachi had submitted its proposals for budget 2020/2021 and suggested increase in fine and penalties to Rs50,000 from present penal amount of Rs5,000.
The LTU Karachi suggested amendment in Section 182 of Income Tax Ordinance, 2001.
The sources said that the penal amount had been suggested to those provisions where penalty for the violation was not defined under the ordinance. They said that the Section 182 of the Ordinance had defined fine and penalty.
The sources said that many taxpayers were less bother about compliance under those provisions where the general penalty of Rs5,000 was prescribed.