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Finance Minister ‘s decision of extension in date of filing of tax return lauded

Finance Minister ‘s decision of extension in date of filing of tax return lauded

LAHORE: The Friends of Economic & Business Reforms (FEBR) has appreciated Finance minister Shaukat Tarin’s decision of extension up to October 15 in the date of filing of tax return.

FEBR president Kashif Anwar said that the timely decision will help increase the number of tax filers besides reducing hefty burden on the system, avoiding chaos like situation.

The FEBR have been urging the Federal Board of Revenue (FBR) for the last one month to extend date for filing of tax return for the year 2021.

Earlier, FEBR president Kashif Anwar  urged the government to extend the date as the taxpayers have been facing issues 8n filing their returns in time due the long holidays and Covid- 19 despite the fact that the board has issued the return form in time.

He said that besides these issues there are other front including SME returns, foreign income returns, capital gain, adjustments of capital gains, deprivation, jurisdiction and others where the taxpayers have been facing problems.

He said that lockdown in Karachi and two days closures of the markets along with 50 percent presence of the staff which is also a big hurdle in the way of smooth business.

The president FEBR again urged the finance minister to take notice of the situation and do the needful by extending the date of filing return at least by three months from September 30 to December 31, 2021.” Theses are the genuine issues of the traders and industrialists and must be taken into consideration”, he stated, if the date is not extended a large number of the businessmen will fail to file their tax return.

The FEBR president reiterated that these the the special conditions and the trade and industry are the backbone of any country which demands special attention and relief in the hours of need.

“The businessmen have been feeding the whole country and this is hard time for trade and industry which must be understood by the authorities concerned.

Relief given to the trade and industry will ultimately improve economic health of the country,” he said adding that the chairman FBR must have to play his central role by extending the date for filing of the return.

“We have been talking about the extension for the date of filing of the return for the last two months. However, now almost all the trade bodies and chambers of commerce are demanding the same because of genuine reason,” Anwar added further.

Extension in the filing of return date is a legitimate right of the business community and they must be extended their right in the larger national interests, he concluded.