ISLAMABAD: The Federal Board of Revenue (FBR) is considering extending the tax return submission deadline after the business community suggested creating convenience for businessmen, The News reported on Sunday.
Historically, the FBR has extended the deadline to facilitate taxpayers. However, FBR spokesperson Bakhtiar Muhammad had earlier stated that the deadline for submitting tax returns would not be extended this year and that September 30 would be the last date to file returns.
Acknowledging that some filers might find it difficult to submit their returns before the due date, Bakhtiar Muhammad said such individuals could reach out to their respective tax commissioners to seek individual extensions as provisioned by law. “They can secure an extension owing to their specific reasons; however, the deadline will not be pushed beyond September 30 for the entire country overall,” he added.
The tax body is now mulling an extension after the business community, during a meeting with the army chief, suggested that the FBR should facilitate businessmen rather than create difficulties. This meeting took place during COAS General Munir’s visit to Karachi, where he interacted with the business community and praised their contributions to the country’s economic growth, the Inter-Services Public Relations (ISPR) said in a statement on Friday.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram has also requested FBR Chairman Rashid Mahmood Langriyal and his team to extend the returns filing date to October 15. Ikram noted that he was in constant contact with the FBR regarding his suggestion and emphasized that extending the deadline to October 15 would allow maximum tax returns to be filed, easing the difficulties faced by taxpayers.
Meanwhile, FBR sources have indicated that its offices will remain open on Sunday and Monday, and banks and tax offices will collect tax returns until 8 PM on Monday to ensure that no citizen misses out on filing their tax returns.
The potential extension is seen as a move to accommodate taxpayers who may have faced challenges in meeting the original deadline. This decision comes at a critical time, as the FBR aims to increase tax compliance and ensure that a maximum number of returns are filed. By providing additional time, the FBR hopes to alleviate the pressures faced by taxpayers and improve overall compliance rates.
Tax experts have noted that an extension could significantly benefit those who have encountered delays due to various reasons, including technical issues or personal circumstances. They argue that a slight extension would not only provide relief to taxpayers but also support the FBR in achieving its revenue targets by increasing the number of filed returns.
The business community’s request for an extension reflects the broader challenges faced by businesses in the current economic environment. By considering this extension, the FBR demonstrates its willingness to adapt and respond to the needs of taxpayers, fostering a more supportive and collaborative relationship between the tax authority and the business sector.
As the FBR deliberates on the extension, taxpayers are advised to prepare their returns promptly and utilize the available resources and support from tax offices. The extension, if granted, would provide a welcome respite but should not be relied upon as a last-minute solution.
The official stance has been to maintain the September 30 deadline, the FBR is likely to extend the tax return submission deadline to October 15 following requests from the business community and ongoing deliberations. This move would aim to facilitate taxpayers and ensure higher compliance rates, ultimately contributing to the country’s economic stability and growth.
