FBR Considers Tax Return Deadline Extension

In recent developments, the Federal Bureau of Revenue (FBR) is considering extending the deadline for tax return submissions. This potential extension comes on the heels of a significant meeting between Chief of Army Staff (COAS) General Asim Munir and members of the business community in Karachi. The discussions highlighted the challenges faced by taxpayers and the need for more accommodating measures from the FBR.

Initially, the FBR had firmly stated that the deadline for filing income tax returns for the year 2023-24 would remain September 30, with no extensions granted. FBR spokesperson Bakhtiar Muhammad had previously emphasized that, “Historically, a facility used to be given [to the masses] by extending the overall deadline,” but this year, the authority was determined to stick to the original date. However, acknowledging the difficulties some filers might encounter, he mentioned that individuals could seek extensions through their respective tax commissioners, provided they had valid reasons.

Despite the earlier stance, the FBR is now re-evaluating its position. The business community, during their meeting with General Munir, expressed the need for the FBR to facilitate rather than hinder their operations. This feedback appears to have resonated with the tax authority, prompting them to consider a 15-day extension for individuals, associations, and companies.

Atif Ikram, the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has been actively advocating for an extension, suggesting that the deadline be pushed to October 15. He believes that this would allow more taxpayers to file their returns and alleviate the pressures they currently face. Ikram has been in continuous dialogue with the FBR, emphasizing the importance of easing the tax filing process for the business community.

In light of these discussions, the FBR has announced that its offices will remain open over the weekend, with banks and tax offices extending their hours until 8 PM on Monday to accommodate taxpayers. This move is aimed at ensuring that no citizen misses the opportunity to file their tax returns.

As the deadline approaches, it is crucial for taxpayers to stay informed and proactive. The potential extension could provide much-needed relief, but it is essential to prepare and file returns as soon as possible. Engaging with tax professionals or utilizing available resources can help navigate the complexities of tax filing. Ultimately, the goal is to foster a cooperative relationship between the FBR and the business community, paving the way for a more efficient tax system that benefits all parties involved.