Daily Times

ISLAMABAD: The Federal Board of Revenue (FBR) has extended the deadline for corporate digital payments until December 31.

The FBR has announced a delay in the corporate sector’s digital payment deadline. It stated that expenses exceeding R2.5 lakh will be cleared by digital payment, while businesses will be required to disclose their expenditures using online banking.

According to the letter, businesses would no longer reveal their expenses through traditional banking.

Earlier on November 30, it was learnt that FBR had collected Rs298 billion more than the target set for the tax collection during five months of the ongoing fiscal year 2021-22.

The FBR had said that the tax collection saw a 36.5 per cent hike in five months as compared to the last year after it collected Rs2314 billion in FY2022.

“The revenue collection target for the first five months was Rs2016 billion,” it said adding that the FBR collected Rs1695 billion in the five months of the last fiscal year 2020-21.

In November 2021, the FBR collected Rs470 billion, compared to the target of Rs408 billion, resulting in a Rs62 billion surplus.

In November of the previous fiscal year, the revenue agency collected Rs348 billion, indicating a 35.2 percent rise this year.