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Corporate tax: KTBA seeks extension in date of filing returns

Corporate tax: KTBA seeks extension in date of filing returns

KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue to extend the last date for filing of income tax returns by corporate entities for at least one month due to heavy workload.

KTBA has sent a letter to FBR chairman in which it has pleaded that association members are tied up in the preparation and filing of income tax returns of corporate taxpayers and were working overtime to achieve the task of electronic filing by December 31.

The bar pointed out that a fortnight ago, the members were busy filing individual tax returns. Now the last date of corporate tax returns has approached. Due to difficulties faced by members of KTBA, FBR chairman was requested to extend the date of e-filing of corporate tax returns, which is due on December 31 for a month.

In another letter sent to chief commissioners of Regional Tax Offices and Large Taxpayers Unit, the KTBA required extension in date of compliance of monitoring, amendment and audit proceedings. Due to workload of income tax return filing, the bar requested an extension in all pending proceedings of audit, monitoring, amendments proceedings after January 15, 2014.