Efforts to Include Professionals in Tax System
By
March 26, 2024
The Federal Board of Revenue (FBR) has finally put a deadline on bringing professionals into the tax system. After a four-year delay, they’ve set July 1 as the day to connect professional services online with the tax machinery all over the country.
Here’s the scoop: the FBR published some draft rules back in December 2023, but those rules got a makeover with a new notification in 2024, setting that July 1 deadline.
Why the rush? Well, during the caretaker government’s time, the Special Investment Facilitation Council (SIFC) noticed that many urban professionals were slipping through the tax cracks, earning cash but not paying any tax on it. So, the plan is to track them down and get them paying their fair share.
Back in August 2020, the FBR announced that certain businesses should hook up with them to track their sales and services. Now, that list has grown to include even more businesses, like private schools and colleges.
But the changes don’t stop there! The FBR’s latest update in March 22 has made some big adjustments. Now, even more businesses will be brought into the tax system, including doctors, photographers, and event managers.
So, if you’re in one of these businesses and earning more than a certain amount, get ready to connect with the FBR online. It’s all part of the plan to make sure everyone is paying their fair share of taxes.
