Trade Bodies Urge FBR to Extend Tax Returns Deadline

News Desk

ISLAMABAD: Trade bodies and professionals are calling for an extension of the tax returns filing deadline, citing significant hurdles in the process. As of September 29, the Federal Board of Revenue (FBR) reported that 5.181 million tax returns had been filed, a 45.8% increase from the previous year. However, stakeholders argue that delays in the issuance of return forms and heavy online traffic have impeded timely submissions.

The statutory deadline for filing tax returns is September 30 each year. Historically, this date has been extended multiple times, often until the end of October. In recent years, extensions were granted with minimal penalties, but the latest budget has introduced substantial increases in these charges, making compliance more costly for late filers. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Islamabad Chamber of Commerce and Industry (ICCI) are among those advocating for the deadline extension.

The increase in tax returns filed indicates a growing compliance trend among taxpayers, yet the challenges faced by many could lead to increased financial burdens due to penalties. The Karachi Tax Bar Association (KTBA) has formally submitted a five-page letter to the Member Inland Revenue, outlining these concerns and requesting a reconsideration of the deadline.

As the deadline approaches, stakeholders are hopeful for a favorable response from the FBR. Meetings are expected to take place in the coming days to discuss the possibility of extending the deadline, which could alleviate pressure on taxpayers and ensure broader compliance.