FBR Implements Strict Penalties for Undeclared Business Bank Accounts
[Islamabad], [September 18] – In an attempt to strengthen tax compliance and revenue collection, the Federal Board of Revenue (FBR) has cracked down on individuals who have failed to declare their business bank accounts. Nexthome.pk learns the recent reports that suggest that the FBR Implements Strict Penalties for Undeclared Business Bank Accounts. The FBR, Pakistan’s federal taxation authority, has made it plainly clear that declaring business bank accounts is a must-to-do for individuals engaged in business transactions. To ensure implementation to this regulation, the FBR has started imposing relevant provisions of tax laws and initiated stringent penalties against secretive clandestine businesses. This law will be for those who have not declared their business bank accounts.