ISLAMABAD: Federal Board of Revenue (FBR) has extended the deadline of digital payment for the corporate sector by December 31, ARY News reported on Thursday.
The FBR has notified the extension in deadline of digital payment for the corporate sector. It read that the expenditures above R2.5 lakh will be cleared through digital payment, whereas, the business community will have to disclose their expenditures through online banking.
The notification stated that the business community will not disclose their expenditures through conventional banking anymore.
READ: PM IMRAN KHAN LAUDS FBR OVER 35% GROWTH IN NOVEMBER REVENUES
Earlier on November 30, it was learnt that FBR had collected Rs298 billion more than the target set for the tax collection during five months of the ongoing fiscal year 2021-22.
The FBR had said that the tax collection saw a 36.5 per cent hike in five months as compared to the last year after it collected Rs2314 billion in FY2022.
“The revenue collection target for the first five months was Rs2016 billion,” it said adding that the FBR collected Rs1695 billion in the five months of the last fiscal year 2020-21.
The FBR had collected Rs470 billion in November 2021 as compared to the target of Rs408 billion, showing an additional collection of Rs62 billion.
Last fiscal year, the revenue body had recorded a collection of Rs348 billion in November, thus highlighting a 35.2 per cent increase this year.
 has extended the deadline of digital payment for the corporate sector by December 31.){kind=link}