On 24 March 2020, the Federal Board of Revenue (FBR) of Pakistan has declared emergency tax measures in response to COVID-19 pandemic. The key tax measures are following:
- The sales tax return submission deadline for January and February 2020 is extended to 15 April 2020 (generally due on 18 February 2020).
- The excise duty return submission deadline for January and February 2020 is extended to 15 April 2020 (generally due on 18 March 2020).
- The deadline for payment of sales tax and federal excise duty for February 2020 is extended from 15 March 2020 to 31 March 2020.
- Amid COVID-19 outbreak, taxpayers are allowed to paying customs duty, income tax, sales tax and federal excise duty through Internet banking, ATMs, mobile banking.
- Taxes on specific food items will be reduced or removed.
On 23 March 2020, the Security and Exchange Commission of Pakistan (SECP) has relaxed the regulatory deadlines under section 510 of the Companies Act 2017 to facilitate companies and businesses in dealing with current crises due to COVID-9 pandemic, as follows:
- All companies which are facing difficulties in timely holding the annual general meeting (AGM) for the year ended on 31 December 2019, are allowed a general extension for a period of 30 days as provided in section 132 of the Act for holding their AGMs. The companies can now hold their AGM for the year ended on 31 December 2019 on or before 29 May 2020.
- The companies, whose election of directors is due before or in the aforesaid AGM, may file impediment reports with the concerned registrar under section 158(2) of the Act citing the reasons for delay in holding the election of directors.
- Accordingly, any statutory return, which is required to be filed on or after 24 March 2020 may be filed with the concerned registrar with the delay of 30 days of occurrence of any event without any additional filing fee as no penal action shall be taken for the late filing.
