Islamabad: The National Assembly Standing Committee on Finance and Revenue has approved a series of amendments introducing stricter penalties for tax filers and non-filers under the Finance Bill 2026.
The committee, chaired by MNA Naveed Qamar, endorsed proposals to increase surcharges for late filing of income tax returns and strengthen penalties for non-compliance with tax obligations.
Under the revised framework, the surcharge for companies filing returns late has been increased from PKR 25,000 to PKR 100,000. For associations of persons, the penalty has been raised from PKR 10,000 to PKR 50,000, while for individual taxpayers it has been increased from PKR 1,000 to PKR 25,000.
The committee also approved increased fines for taxpayers failing to comply with audit requirements or providing false information. The penalty for not undergoing audit has been raised from PKR 25,000 to PKR 100,000, while the fine for submitting incorrect information has also been increased to PKR 100,000.
In addition, the fine for concealing taxable assets has been increased from PKR 100,000 to PKR 500,000. Officials said penalties would only apply where concealment is proven, with fines set either at PKR 500,000 or 100 percent of the tax shortfall.
The committee also endorsed proposals to penalise taxpayers who make false claims, requiring them to pay fines equal to the amount of any wrongly claimed tax credits.
The approved measures are part of broader amendments aimed at strengthening compliance and improving enforcement under the income tax regime.
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