FPCCI Calls for One-Month Extension in Income Tax Return Deadline
Saquib Fayyaz Magoon urges government to set October 31 as new deadline for taxpayers
FPCCI calls for a one-month extension in the income tax return filing deadline
KARACHI: FPCCI Senior Vice President Saquib Fayyaz Magoon has called for a one-month extension in the deadline for filing income tax returns.
He urged the government to set October 31 as the new deadline.
Magoon said taxpayers are facing difficulties while submitting their returns through the IRIS portal. He cited slow performance, technical glitches and frequent downtime as major problems.
Taxpayers Face Filing Challenges
According to Magoon, recent changes in tax laws have also increased difficulties for taxpayers.
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He said new reporting requirements have created confusion. Taxpayers also need additional time to complete wealth reconciliation.
Magoon said the existing deadline should be extended by one month. He stressed that October 31 would provide taxpayers with sufficient time to complete their filings.
Extension Could Improve Compliance
The FPCCI office-bearer also highlighted rising inflation and business costs.
He said SMEs are facing particular pressure due to higher operating expenses.
Magoon urged the Prime Minister, Finance Minister and Chairman FBR to take immediate notice of the situation.
He said additional time would help taxpayers submit accurate returns. It could also improve tax compliance and increase the number of active tax filers.
Magoon stressed that authorities should consider ground realities instead of rushing the filing process.
