Extension in return filing urged

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo on Tuesday demanded the FBR to 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.

Referring to the fast-approaching deadline of September 30, he said the recommendation was based on the feedback received from businesses across

Pakistan. Hundreds of thousands of SME owners would not be able to file their income taxes by Thursday.

“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 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,” he added.

Maggo reiterated his stance that FBR should stop taking one-sided radical anti-business decisions, and instead should consult the business, industry and trade community of Pakistan.