FBR likely to extend tax filing date

LAHORE: The Federal Board of Revenue (FBR) may consider extending the date of filing of returns to facilitate the business community, an official stated on Thursday.

FBR revenue increased many folds in last ten

years from Rs1,000 billion in 2008 to Rs3,800

billion in 2015, and was expected to grow to Rs7,450 billion in tax year 2023, chief commissioner

Inland Revenue Lahore Nasir Iqbal said during a meeting at Lahore Chamber of Commerce and Industry (LCCI).

He added 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 use of untaxed income by non-filers.

The paradigm shift bore fruits for the department as only in RTO Lahore, around 80 thousand new filers being added every year, Iqbal revealed.

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

Property tax rate for taxpayers was 2 percent that in adjustable, while the rate for non-taxpayers was 7.5 percent, he explained.

Lahore Chamber of Commerce and Industry president Kashif Anwar apprised the Federal Board of Revenue official about problems businessmen face due to complicated rules. He stressed on accountability of assessing officers engaged in wrong application of law.