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FBR decides to extend last date for filing of tax returns on traders’ request

FBR decides to extend last date for filing of tax returns on traders’ request

ISLAMABAD: The Federal Board of Revenue has decided to extend last date for the filling of tax returns on traders’ request.

The FBR said that the All Pakistan Tax Bar Association, Federation of Pakistan Chambers of Commerce and Industry and various other trade and business organisations had requested for extension in the last date for the filling of tax returns.

To facilitate the taxpayers in this regard and in exercise of the powers conferred under the Section 183 of Income Tax Ordinance 2001, the FBR is pleased to exempt penalty and default surcharge subject to following conditions, return is filled by 12 December 2014 and tax due with return in case of a company has been paid by 30 September 2014.

A source said that in the previous tax year the number of tax returns filed by taxpayers was around 875,000 whereas this year the number remained up to 420,000 so far.

When asked about the reason for the low-ratio filing of the tax returns, the source said that the FBR had recently launched state-of-the-art software IRIS. He added that current political impasse and Muharram holidays and standoff between the FBR and traders on SRO-608 were some of the reasons which affected filing of income tax returns.

He added that flawed government machinery was also one of the reasons for low filling because no agency or department was present to take the non-filers to court.

“This has also demoralised the tax officials because if they hold a tax evader they have to face the wrath of the ruling parties, bar councils and other influential segments,” he concluded.