New Deadline Set for Sales Tax and Federal Excise Returns by FBR

A notification issued on Saturday announces that the new deadline is now August 23, instead of the original date of August 18. This five-day extension is designed to give taxpayers extra time to file their returns for both sales tax (ST) and federal excise (FE), aiming to facilitate a smoother filing process.

This extension is expected to ease the pressure on businesses and individuals who might have struggled to meet the initial deadline. The FBR hopes that this move will enhance compliance and reduce the likelihood of penalties for late submissions.

Also Read: Punjab’s Latest Tax Reform: Heavier Burden on Salaries

In a related development, the Punjab government has introduced a new professional tax through an amendment to the Punjab Finance Act of 1977. Announced on Friday, this tax will be directly deducted from the salaries of employees across various sectors, adding an extra financial burden on workers.

This decision has raised concerns among residents and drawn criticism of the Punjab government’s economic policies. Critics argue that this new tax represents another significant strain on the financially vulnerable. The amendment mandates that all companies operating within the province deduct this tax from their employees’ salaries, further intensifying the financial challenges for many.

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