ABAD Demands Extension In Income Tax Return Filing Deadline

News Desk
KARACHI: The Association of Builders and Developers (ABAD) has officially appealed to the Federal Board of Revenue (FBR) to grant a substantial extension in the deadline for filing annual income tax returns, citing complex compliance procedures for the business community.
Highlighting the ongoing economic challenges, ABAD Chairman Hasan Bakshi emphasized that the current timeline is insufficient for traders, industrialists, and developers to compile and audit extensive financial documentation accurately.
He noted that granting additional time would facilitate higher documentation compliance across corporate sectors and prevent undue financial penalties for minor administrative delays.
Tax experts and trade bodies have echoed similar concerns, warning that stringent deadlines without adequate portal stability or consultation often result in lower compliance rates.
A favorable response from the revenue board could significantly ease the tax filing process for the documented economy, ensuring comprehensive fiscal reporting without stifling commercial momentum.
The FBR is expected to review the representation filed by ABAD in the coming days. Stakeholders remain hopeful that a pragmatic extension will be announced shortly to accommodate the genuine grievances of taxpayers and corporate entities nationwide.