ISLAMABAD: Leading tax bars and associations including Pakistan Tax Advisers Association (PTAA) has approached Federal Board of Revenue (FBR) for extension in final date of filing income tax returns/wealth statements for Tax Year 2019 up to December 31, 2019.
According to a communication of Pakistan Tax Advisers Association Chairman Javed Iqbal Qazi with the FBR, it is submitted that FBR has fixed last date for submission of Income Tax Returns/Wealth Statements for Tax Year 2019 as November 30, 2019.
In spite of hectic efforts by all the chartered accountants, advocates and tax practitioners, the returns target fixed by the FBR had not been achieved, the chairman PTAA added.
Keeping in view the positive trend of daily increase in number of return filers, the FBR should encourage existing and new taxpayers to come into the tax net under the ongoing documentarian drive. The increase in voluntarily compliance of taxpayers is also one of the top agenda under reforms and re-organization of the FBR, Qazi requested.
As per PTAA understanding up to 28.11.2018 about 1.5 millions Returns had been filed against the target of 2.5 million for tax year 2019, Qazi said.
The Returns of clients, ranging from 60% to 70% by each individual, advocate, chartered accountant and tax practitioner have been e-filed while in majority of the cases the tax advisers have not been able to complete their task up to 50%.
In order to facilitate the tax payers and tax advisers, the FBR chairman is requested to extend the date of submission of Income Tax Returns/Wealth Statements up to December 31, 2019 so also to meet the statutory requirement of allowing at least 92 days to file the same, Qazi added.
(This news/article originally appeared in Business Recorder on November 29th, 2019)