FPCCI seeks extension in tax returns filing date

Karachi: Federation of Pakistan Chambers of Commerce and Industry President Atif Ikram Sheikh has urged the government to extend the deadline for income tax returns filing to October 31. Sheikh argues that this extension is a practical need to boost tax compliance, expand the tax base, and reduce the significant pressure on the business community, small and medium enterprises, and individual taxpayers.

Speaking on Monday, he highlighted that with the September 30 deadline looming, taxpayers and tax professionals are encountering serious systemic issues. The FBR's Inland Revenue Information System (Iris) portal has been experiencing frequent slowdowns and technical glitches due to high national traffic. These issues are impeding thousands of taxpayers from accurately and timely submitting their returns and wealth statements, he added.

A one-month extension would offer much-needed relief for taxpayers to reconcile their accounts, handle the recent tax code complexities, and file returns without the risk of system failures. Sheikh pointed out that recent extensive amendments in tax laws and reporting requirements have caused widespread confusion, meaning taxpayers need more time to fully understand these complexities to prevent errors in their wealth reconciliations.