There are many Pakistani citizens who are looking for tax deadline 2020 to be exceeded. FBR gave the last opportunity to citizen of Pakistan by extending last date of submission of tax return on 8, December 2020 according to notification issued by federal board of revenue.
This is the final deadline issued by FBR and the persons who haven’t file their tax are imposed with a tax penalty of 0.1% of tax everyday after the deadline so the persons who are waiting for deadline to be exceeded must pay their tax as soon as possible in order to not imposed with higher penalty.
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The federal board of revenue has implemented a increase in tax penalty on late filing of tax for year 2020. FBR has introduces total of 8 penalties which will become the part of law as well after parliamentary approval.
For all financial institutions which did not provide their all information regarding their non-resident timely, FBR has introduced four new sections to impose penalty on these institutions as required under section 165B on income tax ordinance 2001. Also, Pakistan is required to share all the information of non-residents with member countries.
To get the requited information on time, government proposed four penalties for non-compliant entities. In case of non-compliance, institution will have to pay a penalty of Rs. 10000 on each default and also addition of Rs. 10000 each month until the default is addressed
Moreover, a penalty of Rs. 50000 will be imposed on false-self certification under common reporting standard rules and the addition of Rs. 50000 once it is not get addressed.
The last date of submission of tax was 8 December 2020 and after that, tax deadline doesn’t exceed. The person not able to submit their tax are imposed a tax penalty of 0.1% of the tax everyday after the tax deadline.
Offline Technologies is a Providing vast amount of IT services from development of a product too integration of different system that’s why FBR has introduced FBR invoice management system.
Invoice Management System/POS FBR Invoice management system is the method by which companies track and pay invoices. At its most simple, the process involves receiving an invoice from a third party, validating it as legitimate, paying the supplier, and noting the payment in company records.
FBR IMS SOFTWARE The purpose of the IMS is to facilitate tier 01 retailer to Understand methods for invoice data sharing with FBR. The software fiscal component will be installed on the same computer on which POS is installed. The fiscal component will be integrated with POS system to generate invoice and returns Fiscal invoice number.
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Benefits • Real-Time Integration with FBR System • Automatic uploading of invoice data in FBR System • Prepopulated into Annex- C of Sales Tax Return
WHY DO YOU NEED THIS? • It’s fast and simple. • Everything is stored so you don’t lose your record. • Its secure • Cost saving • Reduces error and disputes • 24/7 excess to your record
LAW ALL Tier-1 retailer required to integrate their POS with FBR system for submission of sale invoice on real-time basis.
*AS IT IS THE LAW YOU NEED THIS FOR YOUR OWN BUSNIESS SECURITY AND STABILITY.
For the benefits of consumers, Offline Technologies is offering following services in POS
• Integration (Installation) of FBR software with Existing POS