A timeline set for de-registration of business if taxpayer has fulfilled obligations | ||
Reform ID | F120 | |
Reform Description | Before: Businesses which have been winded up due to any reason were used to submit an application for de-registration and then had to wait for a long period of time; meanwhile the case gets audited.
After:A timeline has been set by which the concerned department has to complete the tasks, on the expiry of the 90 days, the business is deemed to be de-registered. |
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Sector | All Sectors | |
BeneficiariesAutomotive Owners | All Businesses | |
Jurisdiction/ Location | Federal (Entire Pakistan) | |
Department | Federal Board of Revenue | |
Date of Implementation | 13-01-2022 | |
Details | Difficulty | No set timeline resulted in longer periods of time for the tax payers to wait for de-registeration even though their business had been winded-up. |
Analysis | To save time and hassle for the tax payers, a prescribed timeline was necessary. | |
Solution | Under the newly devised system, a business gets automatically de-register on expiry of ninety days if the business has already been winded-up. | |
Evidence | Notification |
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