FBR urged to extend tax returns filing deadline by 2 months

KARACHI: Mian Nasser Hyatt Maggo, President FPCCI, has demanded that the FBR should extend the deadline for tax filing by two months to facilitate the business community and support the government's drive to broaden the tax base and collect maximum taxes.

FPCCI Chief, referring to the fast-approaching deadline of September 30, 2021, i.e. Thursday; has recommended to the authorities that on the basis of feedback from businesses across Pakistan, FPCCI maintains that hundreds of thousands of SME owners will not be able to file their income taxes by Thursday.

Mian Nasser Hyatt Maggo said that FBR has notified a daily surcharge of 0.1 percent for delayed filing on taxable income; which is not only harsh but also impractical as it translates into 3.0 percent per month and 36 percent per annum. The maximum surcharge by FBR should not be more than KIBOR plus 2 percent; which also happens to be the rate when FBR delays the processing of tax refunds.

Mian Nasser Hyatt Maggo, as President FPCCI, has reiterated his stance that FBR should stop taking one-sided radical anti-business decisions; instead, should have a detailed consultative process with the business, industry and trade community.

Copyright Business Recorder, 2021