Summary The companies are compelled to share additional information with FBR by February-15, 2018.
ISLAMABAD (Dunya News)- Under new rules, Federal Board of Revenue (FBR) will slap fine up to 25pc of taxable income on those companies or conglomerates who would fail to maintain or produce records, reported Roznama Dunya on Friday.
According to details, Organisation for Economic Co-operation and Development has increased exchange of set of information being shared by local and international companies. New rules would be implemented on companies with annual income equivalent to or more than Rs100 million or conglomerates with annual income equivalent to or more than EUR 750 million.
As per new rules, companies have been compelled to share information of every transaction worth Rs50 million or more with income tax commissioner and those who would fail to do so will be slapped fine up to 25pc of taxable income.
The companies are compelled to share additional information with FBR by February-15, 2018.
Published in Roznama Dunya, November 17th, 2017
