FBR seeks business community support to curb under-invoicing of imports menace

• FBR Chairman said that the valuation system and processes are being improved.
• Zaidi stressed that the issue is vital to save local industry.

Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi has sought the support of business community to curb under invoicing of imports.

In a tweet, the FBR chairman said that his organization “is seriously working to curb under invoicing of imports.” He added that the valuation system and processes are being improved.

“Nevertheless, FBR seeks the support of business community including Chambers of Commerce on this matter. This issue is highly important to save local industry,” stressed Zaidi.

FBR is seriously working to curb under invoicing of imports. Valuation system and processes are being improved. Nevertheless, FBR seeks the support of business community including Chambers of Commerce on this matter. This issue is highly important to save local industry.

— Syed Shabbar Zaidi (@ShabarZaidi) 17 December 2019

The tax collecting authority on Monday, extended the date for filing income tax returns for tax year 2018-19 up to December 31.

“The date of filing of total income/statements of final taxation for individuals and associations of persons for the tax year 2019 which were due on September 30, 2019 and extended up to December 16 is hereby further extended up to December 31, 2019," said a notification issued by the FBR.

Meanwhile the FBR also extended date for filing total income/statements of final taxation for companies for the tax year 2019 up to December 31, in respect of those companies who had paid 95 percent of the admitted tax liability on or before September 30, 2019.