AVN Report
KARACHI: To encourage tax return filing, Irfan Iqbal Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has urged the Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns by 15 days, without imposing any penalties.
Representing over 250 chambers, associations, and trade bodies across Pakistan, Sheikh’s plea stems from feedback received from various regions of the country.
Mentioning the notable surge of approximately 15 percent in the number of income tax return filers this year, Sheikh argues that both taxpayers and tax officials require additional time to manage the increased workload. To encourage this positive trend of heightened tax filing, he advocates for providing potential filers with the opportunity to complete their filing process.
He suggested that Wednesday, November 15, 2023, would be an appropriate extended deadline, considering the challenging economic conditions in Pakistan, including historic inflationary pressures, currency volatility, import restrictions, significant utility payment hikes, and overall economic hardships faced by businesses.
The FPCCI head also stressed the need to simplify the income tax filing process and expand the tax base rather than further burdening existing tax filers. Simplifying the income tax form and rationalising taxation rates, he argued, would incentivize more businesses to file their income tax returns on time, ultimately benefiting all stakeholders.
Muhammad Suleman Chawla, Senior Vice President of FPCCI, highlighted the adverse impact of economic challenges on small and medium-sized enterprises (SMEs) in Pakistan. These businesses often encounter limitations in hiring tax consultants and lawyers, necessitating additional time for calculating and filing income tax returns.
