LAHORE: The Federal Board of Revenue (FBR) will probably extend the deadline for filing income tax returns in order to assist the business community.The deadline for tax filers was initially extended by the FBR to October 31.
Nasir Iqbal, the chief commissioner of inland revenue in Lahore, claimed that the FBR’s revenue has multiplied over the previous ten years, rising from Rs 1,000 billion in 2008 to Rs 3, 800 billion in 2015 and projected to reach Rs 7, 450 billion in the tax year 2023.
Iqbal stated that the board has devised a plan to reduce its direct contact with the business community during a meeting at the Lahore Chamber of Commerce and Industry (LCCI). Iqbal stated that only in regional tax offices (RTO) Lahore, over 80,000 new filers are added each year, demonstrating the department’s success with the paradigm shift.
According to the commissioner, there are differences in the tax rate and treatment of non-taxpayers.He noted that while the rate for non-taxpayers was 7.5%, the rate for taxpayers was an adjustable 2%.
The FBR representative was apprised of the difficulties faced by businessmen as a result of the convoluted rules by Kashif Anwar, President of the Lahore Chamber of Commerce and Industry. He emphasised the importance of holding officers accountable when they apply the law incorrectly.
