“FBR sets deadline for banks to pay 40% tax, specifying methods and rates through a new notification.
Taxpayers may request a 15-day extension with written reasons and must submit payments to the federal treasury using designated challans or receipts.
As per S.R.O.1588 (l)/2023 released by the FBR on Wednesday, the Federal Government has identified banking companies as the designated sector under section 99D of the Income Tax Ordinance.
The FBR has specified that the computation of windfall income, profits, and gains should adhere to the provisions outlined in this notification. Additionally, the FBR has set the tax rate for section 99D at 40 percent.
Read more: https://news.cxoforum.global/fbr-issued-over-1-million-tax-notices-to-registered-persons-entities/
The FBR has set November 30, 2023, as the deadline for the payment of additional tax under section 99D.
Tax payers can pay directly into the federal treasury using a designated challan or computerized payment receipt.
