FBR likely to extend last date for filing tax returns

• Extension is to facilitate business community.
• Revenue expected to grow to Rs7,450bn in 2023: chief commissioner. 
• Date was first extended to October 31. 

LAHORE: The Federal Board of Revenue (FBR) — in order to facilitate the business community — will likely extend the last date of filing income tax returns, The News reported citing an official on Thursday. 

The FBR had first extended the date for the tax filers to October 31. 

Chief commissioner Inland Revenue Lahore Nasir Iqbal said that the FBR revenue increased many folds in the last 10 years from Rs1,000 billion in 2008 to Rs3,800 billion in 2015, and was expected to grow to Rs7,450 billion in the tax year 2023. 

Speaking during a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Iqbal said that the board had developed a strategy to lessen its physical interaction with the business community, and the strategy also included facilitating the filers and curbing the use of untaxed income by non-filers.

The paradigm shift bore fruits for the department as only in regional tax offices (RTO) Lahore, around 80,000 new filers are being added every year, Iqbal revealed.

The commissioner said the tax rate and treatment for non-taxpayers were different.

The property tax rate for taxpayers was 2% which is adjustable, while the rate for non-taxpayers was 7.5%, he explained.

Lahore Chamber of Commerce and Industry President Kashif Anwar informed the FBR official about problems businessmen face due to complicated rules. He stressed accountability in assessing officers engaged in the wrong application of the law.