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Friday November 26, 2021

SRB waives up to 100pc penalty

June 02, 2020

KARACHI: The Sindh Revenue Board (SRB) on Monday launched incentive package to waive up to 100 percent monetary penalty on the payment of outstanding amount.

The SRB said package included exemption of up to 100 percent of the amount of default surcharge, total remission of penalties and immunity from arrest and prosecution in the case of payment by defaulted taxpayers.

The SRB said a taxpayer can avail this if he deposits the liability of the arrears of tax (as outstanding on May 31, 2020) plus zero percent of the amount of default surcharge thereon between June 01, 2020 and June 15, 2020.

However, the default surcharge will be collected at five percent and 10 percent in the case payment made up to June 22 and June 30, respectively. The SRB said in case where no tax liability is outstanding, but only the arrears of amounts of penalty and / or default surcharge are outstanding, the tax incentive package allows the remission of 95 percent of the amount of such penalty and 90 percent of the amount of such default surcharge, if the balance of the amounts of penalty and default surcharge are deposited during the period from June 01, 2020 and June 30, 2020.