BUDGET 2026-27: Steeper fines introduced for tax compliance

ISLAMABAD: The government has substantially increased penalties for late filing of income tax returns, restoration to the active taxpayers list, and deficiencies in document accessibility and formatting, apparently an effort to strengthen tax compliance. The increases, introduced through the Finance Bill FY27, apply across federal taxes, including income tax, sales tax and federal excise duty. In some cases, penalties have more than doubled and are widely seen as providing the Federal Board o...

By none@none.com (Mubarak Zeb Khan)