LCCI seeks extension in income tax return filing deadline

LAHORE - The head of the Lahore Chamber of Commerce & Industry has called on the Federal Board of Revenue and the federal government to grant an extension to the deadline for submitting income tax returns for the 2026 fiscal year. President Faheem-ur-Rehman Saigol argued that giving taxpayers an extra month, until at least October 31, would help them meet their obligations and increase overall compliance.

In a Tuesday statement, Saigol explained that businesses in Pakistan are currently facing a tough environment with high operational expenses and volatile international trade conditions. Global trade is being hampered by geopolitical issues, shifting tariffs, and disruptions to supply chains. The World Trade Organization has cautioned that the growing division of the global trading system could lead to serious economic repercussions.

Saigol emphasized that the government's goal should be to expand the tax base and encourage voluntary compliance instead of placing undue burdens on taxpayers who are eager to meet their legal responsibilities.