Islamabad: According to a recent news report, the Federal Board of Revenue (FBR) has instructed penalties to be imposed on the corporate sector over the non-filing of returns and recovery of undeclared income for the tax year 2020.
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In this regard, the FBR has issued orders for all of its offices to collect payments from corporate taxpayers that failed to submit their income tax returns.
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It may also be noted here that a large number of corporate taxpayers had failed to discharge their obligation in the filing of income tax returns and payment of the due amount of duty and taxes in 2020.
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