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FBR to impose ‘heavy’ penalties on sugar mills Business January 30, 2021 KARACHI: The Federal Board of Revenue (FBR) has decided to impose ‘heavy’ penalties on sugar mills if they fail to connect their facilities through real-time video links with the tax authority, it said on Friday. The FBR warned sugar mills and vendors who install video analytics system (VAS) to get the task done by January 31 otherwise they would face heavy penalties from February. The FBR issued instructions to chief commissioners having jurisdictions to impose penalty on non-compliant sugar mills. The FBR als...

To embed, copy and paste the code into your website or blog: Just in time to add to your holiday reading list, the Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released final regulations under sections 451(b) and 451(c) of the Code addressing income recognition and the treatment of advance payments (Final Regulations). Under the Tax Cuts and Jobs Act 2 (TCJA), Congress amended section 451(b) and added section 451(c) to the Internal Revenue Code, dramatically altering the historic standard of income recognition, 3 and also codified a longstanding method of accoun...