{"id":98597,"date":"2024-08-19T11:36:16","date_gmt":"2024-08-19T06:36:16","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=98597"},"modified":"2024-08-19T12:03:21","modified_gmt":"2024-08-19T07:03:21","slug":"fbrs-new-penalty-on-late-filers-faces-challenge","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbrs-new-penalty-on-late-filers-faces-challenge.html","title":{"rendered":"FBR cannot penalise late filers: Tax experts"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR)&#8217;s attempt to implement a penalty on the newly introduced \u201cLate Filers\u201d category is under review, according to news sources.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-sets-record-surpasses-set-target.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR collects PKR 300.2 bn in income tax; achieves fiscal year\u2019s 1st month target<\/a><\/p>\n\n\n\n<p>The FBR introduced this category via Finance Act 2024, but experts argue that applying it retroactively is unconstitutional. Taxpayers have turned to the Lahore High Court (LHC) to contest the FBR\u2019s move. The court has been informed that despite the petitioner\u2019s status as &#8216;Active&#8217; in the Active Taxpayers List, they are being pressured to pay advance tax at an elevated rate of 6%, rather than the 3% rate prescribed under Division-XVIII of Part-IV of the First Schedule of the Income Tax Ordinance, 2001. The petitioner claims this enforcement lacks legal justification and is contrary to the applicable law.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-chairman-focuses-on-maximising-tax-revenue.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR focuses on maximising tax revenue, directs briefing on key initiatives<\/a><\/p>\n\n\n\n<p>Farhan Tariq from FB Consultants explained that the new \u201cLate Filers\u201d category, set to take effect from July 1, 2024, cannot be applied retroactively. The news report said that retrospective enforcement of the law is both illegal and likely to face significant legal challenges. The Finance Act 2024 has introduced the \u201cLate Filer\u201d category, creating a third classification of taxpayers who file their returns after the due date. These late filers will face separate, higher tax rates on transactions involving immovable property compared to active taxpayers. This new measure aims to incentivise the timely filing of tax returns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR)&#8217;s attempt to implement a penalty on the newly introduced \u201cLate Filers\u201d category is under review, according to news sources. Read: FBR collects PKR 300.2 bn in income tax; achieves fiscal year\u2019s 1st month target The FBR introduced this category via Finance Act 2024, but experts argue that applying it retroactively is unconstitutional. Taxpayers have turned to the Lahore High Court (LHC) to contest the FBR\u2019s move. The court has been informed that despite the petitioner\u2019s status as &#8216;Active&#8217; in the Active Taxpayers List, they are being pressured to pay advance tax at an elevated rate of 6%, rather than the 3% rate prescribed under Division-XVIII of Part-IV of the First Schedule of the Income Tax Ordinance, 2001. The petitioner claims this enforcement lacks legal justification and is contrary to the applicable law. Read: FBR focuses on maximising tax revenue, directs briefing on key initiatives Farhan Tariq from FB Consultants explained that the new \u201cLate Filers\u201d category, set to take effect from July 1, 2024, cannot be applied retroactively. The news report said that retrospective enforcement of the law is both illegal and likely to face significant legal challenges. The Finance Act 2024 has&hellip;<\/p>\n","protected":false},"author":89,"featured_media":98239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3362,19230,59077,37769,59076,59078,5055,56222,54568],"persona":[],"class_list":{"0":"post-98597","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr","9":"tag-federal-board-of-revenue-fbr","10":"tag-finance-act-2024","11":"tag-income-tax-ordinance","12":"tag-lahorehigh-court","13":"tag-late-filers","14":"tag-lhc","15":"tag-news-and-updates","16":"tag-zameen-news","17":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR&#039;s New Penalty on Late Filers Faces Challenge- Zameen News<\/title>\n<meta name=\"description\" content=\"Tax experts argue FBR&#039;s retroactive penalty on new &quot;Late Filers&quot; category is unconstitutional. The LHC is reviewing the enforcement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbrs-new-penalty-on-late-filers-faces-challenge.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR&#039;s New Penalty on Late Filers Faces Challenge- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Tax experts argue FBR&#039;s retroactive penalty on new &quot;Late Filers&quot; category is unconstitutional. 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The LHC is reviewing the enforcement.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fbrs-new-penalty-on-late-filers-faces-challenge.html","og_locale":"en_US","og_type":"article","og_title":"FBR's New Penalty on Late Filers Faces Challenge- Zameen News","og_description":"Tax experts argue FBR's retroactive penalty on new \"Late Filers\" category is unconstitutional. 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