KARACHI: Federal Board of Revenue (FBR) is likely to extend last date for filing of income tax returns mainly due to delay in approval of tax amnesty scheme for traders by the National Assembly.
The government has already revised the returns filing dates several times and announced ‘final date’ of January 31.
The sources said if the rift between government and opposition parties on the proposed income tax amnesty scheme is not done by January 31, the Federal Board of Revenue will have to extend the last date for filing of returns.
In Pakistan, out of 2.8 million traders, only 625,000 traders file tax returns. The government is claiming to bring 2.20 million non-taxpayers into the tax net. However, the opposition parties are opposing this bill, which proposes that traders could whiten their undeclared working capital of up to Rs50 million by paying one percent tax in tax year 2015.
