Wednesday, June 29, 2011

Tax Amnesty Scheme,FBR waives fine,penalty and surcharge on payment by June 30

The Federal Board of Revenue (FBR) here on Tuesday widened the scope of its Tax Amnesty Scheme by waiving off the fine, in addition to penalty and surcharge on payments of principal amount of customs duty before June 30th this year.
FBR has made an amendment in its Tax Amnesty SRO No 646 (I) 2011 issued on June 25, 2011 for this purpose.FBR on June 25,2011 had announced Tax Amnesty Scheme for all taxes (withholding tax, sales tax, federal excise duty and customs duty) and said that exemption from penalty or surcharge would be available to those taxpayers who would be paying principal amount of due taxes between June 25 to June 30, 2011.
SRO 646 (1) 2011 of Customs issued earlier by the FBR, had stated that the FBR will remit whole amount of penalties and surcharge payable against whom an amount of customs duty is outstanding on account of any reason whether audit observation, audit report, demand notice or any adjudication order or who has failed to pay any amount of customs duty claimed, inadmissible refund or drawback of customs duty due to any reason, if the outstanding principal amount of customs duties are paid from June 25 to June 30, 2011.

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