Thursday, June 1, 2023

FBR denied about tax return date extension

There will be no additional extensions to the deadline for filing income tax returns for the tax year 2021, according to the Federal Board of Revenue (FBR), which announced the decision Tuesday.

A spokesman for the Federal Bureau of Revenue (FBR) refuted rumors of a rumored extension in the filing deadline for tax returns.

In a statement, the tax-collecting agency requested that individuals file their yearly tax returns by September 30.

The Karachi Tax Bar Association (KTBA), in a letter to the head of the Federal Board of Revenue (FBR) on Tuesday, expressed concern over a number of calculation mistakes and problems on the IRIS site.

Read Also: Tarin targets 20% tax-to-GDP ratio for FBR

When the revenue board announced that the return form for the tax year 2021 will be made available on July 1, 2021, the tax bar applauded the efforts of the revenue board.

While return filers and tax consultants have expressed dissatisfaction with the classification of income established in the IRIS (the FBR online portal), the tax bar has stated that they are facing numerous computer mistakes, malfunctions, and other issues.

The tax bar also highlighted issues with the filing of returns, including the incorrect computation of capital gains tax on the disposal of immovable properties; the loss on the disposal of securities; the incorrect working of tax depreciation; the incorrect working of initial allowance on plant and machinery; the tax on the fee for technical services/royalty of a non-resident person; discrepancies in the information available on the FBR online platforms; and n

The tax bar requested the head of the Federal Board of Revenue to convene a meeting with tax practitioners as soon as possible to remedy the situation as soon as possible.

However, Finance Minister Shaukat Tarin recently stated that he will examine the matter of the filing deadline for tax returns, citing the fact that the FBR system had been down for around 10 days as a result of hacking.

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