Karachi, January 5, 2025 – The Federal Board of Revenue (FBR) will impose strict penalties to address delays and non-compliance in filing sales tax returns, emphasizing the importance of timely submissions under the Sales Tax Act, 1990. According to the FBR, individuals or entities failing to furnish sales tax returns by the due date will face financial repercussions. The prescribed penalty for such delays is PKR 10,000. However, a concessionary penalty applies to those filing their returns within ten days of the due date, amounting to PKR 200 per day of delay. The FBR also outlined penalties for failing to meet other requirements under the Act. For instance, any individual who does not issue a proper invoice as mandated by law will be liable to pay a penalty of PKR 5,000 or 3% of the tax amount involved, whichever is higher. In cases of unauthorized issuance of invoices that include a tax amount, stricter penalties are imposed. Offenders will be required to pay either PKR 10,000 or 5% of the tax amount involved, whichever is higher. These measures aim to ensure transparency and compliance within the tax system, reducing fraudulent practices and…