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Thursday March 28, 2024

No further extension in tax returns filing date

By our correspondents
December 16, 2017

ISLAMABAD: After receiving income tax returns from around 0.5 percent of total population, the government has decided for granting no more extension in date for filing of income tax returns.

Now the taxpayers will have to pay minor penalty on the basis of each passing day if they prefer filing of their tax returns after expiry of this last extension.

Despite continuous thumping over achieving 20 percent growth in revenue collection so far in first five months of the current fiscal year, the FBR has been facing criticism for its inability to broaden narrowed tax base.

Although, the IMF mission, which concluded talks under post programme monitoring on Thursday this week in Islamabad under Mission Chief Herald Finger, also praised the FBR for achieving 20 percent growth in revenue collection but raised questions over continuous failure for broadening of tax base. One issue which came on the surface was granting of frequent extensions of filing of income tax returns which had now forced the government as well as the FBR to stop this practice.