Corporate sector: FBR extends deadline for digital mode of payments to Dec 31

The Federal Board of Revenue (FBR) extended on Wednesday the deadline for digital payments by corporate sector to December 31, 2021.

"In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001 (hereinafter “the Ordinance") and taking cognizance of various representations filed by the taxpayers, the Federal Board of Revenue is pleased to extend the deadline for digital payments by Corporate Sector stipulated in Section 21(la) of the Ordinance up to December 31, 2021," stated the circular.

Effective from today: Unfazed FBR makes digital mode of payments mandatory

The business community and the corporate sector had been anxiously awaiting another extension for digital payments . They have also repeatedly asked the FBR to allow conventional modes of payments along with the mandatory condition of “digital mode of payment” for companies for at least a year.

The measure has also come under criticism from various quarters that states the move would only affect registered businesses. They suggested timings can be altered for traders and retailers to get ready.

Earlier, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly recommended to immediately defer the policy of switching over to the digital mode of payments for four months as it was not possible for the business community to adopt it from November 1, 2021.

However, that deadline was extended as well.

Shift to digital mode of payments: FBR extends deadline to November 30