Flood havoc: FBR urged to extend tax return deadline till Nov 30th
ISLAMABAD: Tax advisers/lawyers and chartered accountants have approached the Federal Board of Revenue (FBR) to...
ISLAMABAD: Keeping in view presentations of the tax bars/chambers/trade associations, the Federal Board of Revenue (FBR) is seriously discussing a possible extension in the filing of the income tax returns for the Tax Year 2022.
On Thursday, the FBR Chief Inland Revenue (Operations), Arshad Nawaz Cheema, told the meeting of the advisory committee at the Federal Tax Ombudsman (FTO) Headquarters that the FBR is discussing the extension at the Board’s level, but a final decision has yet to be taken, he informed the meeting.
During the meeting at the FTO Office, the FBR Chief Inland Revenue (Operations) was responding to the queries of the FTO’s advisory committee members on the complicated income tax return form for the Tax Year 2022.
A number of chambers and associations have approached the FBR seeking an extension in the filing of tax returns including Karachi Chamber of Commerce and Industry (KCCI), Faisalabad Tax Bar Association, Faisalabad Chamber of Commerce and Industry, and Multan Tax Bar Association.
In a communication to the Ministry of Finance, the KCCI has requested the government to issue directives to the FBR for an extension, from the current deadline of September 30, 2022, to December 31, 2022, for filing income tax returns.
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According to a letter of the Rawalpindi Chamber of Commerce and Industry (RCCI) to the FBR Chairman on Thursday, the chamber has received a number of requests of the business community for an extension in date for filing of the income tax return as their businesses are badly affected due to recent floods in the country. It IS requested to extend the return filing date upto October 31, 2022, RCCI added.
The tax return form provided by the FBR contains discrepancies and errors. Above all, the floods have broken the backs of SMEs which are simply not able to file tax returns as they are burdened with resetting themselves after the floods, it said.
The KCCI was constantly being approached by members of the business and industrial community, and also by people from different walks of life, who want the date to be extended till December 31, 2022.
Multan Tax Bar Association has also requested an extension in the filing of returns up to December 31, 2022 keeping in view floods, late issuance of manual income tax returns forms for the individuals and the AoPs, and ambiguity in the declaration of value of properties and other issues.
Faisalabad Tax Bar Association and Faisalabad Chamber of Commerce have also requested an extension in the time period for filing returns.
During the current monsoon season, rains and flooding across the country have caused unprecedented loss to human life, businesses, agriculture, and livestock. This has not only affected the industry and business but also overall economic activities in the country.
The whole month of August and September 2022 was wasted in the adjustment of the system and development of its smoothness creating a further lapse of one month and even now the working of the IRIS was not smooth, the Faisalabad Tax Bar Association said.
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Copyright Business Recorder, 2022