KARACHI: The newly elected President of the Korangi Association of Trade and Industry (KATI), Junaid Naqi, has expressed gratitude for the extension of the tax return filing deadline to October 14, as announced by the Federal Board of Revenue (FBR) on the orders of Prime Minister Shahbaz Sharif. Naqi praised the decision, stating that it provided thousands of taxpayers, who were previously unable to submit their returns due to technical issues, with a crucial opportunity to meet the deadline.
Junaid Naqi emphasized that the business community is particularly thankful to the Prime Minister for responding to the collective demands of chambers, associations, trade bodies, and the tax bar, all of whom had requested an extension. He noted that this decision was not only a relief for the taxpayers but also beneficial for the country’s economy.
Naqi pointed out that, to date, the FBR has collected PKR 2,452 billion against a target of PKR 2,539 billion, leaving a shortfall of PKR 87 billion. He expressed confidence that the timely extension would allow more taxpayers to file their returns, helping to close this gap and meet the FBR’s target.
KATI President also urged the FBR Chairman to address ongoing issues with the IRIS system, which has been slow and prone to outages. He emphasized the need for smooth functioning of the system so that businesses can file their tax returns without disruption.
Junaid Naqi further expressed hope that the government would continue its efforts to expand the tax net by simplifying the return submission process, making it easier for more people to comply with tax regulations.
