Of the expected taxpayers entities registered with the Large Taxpayer Unit (LTU), Karachi, only 34 percent taxpayers have filed returns till the last date. Sources told Business Recorder on Wednesday that the LTU had received only 204 income tax returns, out of the 595 registered large taxpayer companies till December 31, 2007, the deadline for the filing returns.
The Federal Board of Revenue (FBR) had made the e-filing of returns mandatory for the large taxpayer entities, but the poor response of the taxpayers to the e-filing has compelled the FBR to extend the date of filing from December 31, 2007 to January 14. The decision, according to LTU officials, would facilitate the corporate taxpayers to file their tax returns without penalty.
According to the LTU officials, the fall in the filing of returns was mainly caused by the poor law and order situation in the country after the assassination of Pakistan People's Party Chairperson Benazir Bhutto. The LTU officials said after the extension in date, six more companies had filed their returns during the last two days, totalling the number of taxpayers to 210. They expressed the hope that January 14 the expected number of returns would be filed.
Till December 31, the LTU received only Rs 2.4018 billion income tax, showing a decrease of about 85 percent as against the collection of Rs 15.0172 billion for the same period of last fiscal year. Out of 592 registered companies, LTU has received 449 income tax returns till December 31, 2006.
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