KARACHI: The Overseas Investors’ Chamber of Commerce and Industry (OICCI), in its budget proposals for fiscal year 2017-18, urged Federal Board of Revenue (FBR) to give rebate of 5 percent as an incentive to taxpayers in timely filing of annual income tax returns.
The OICCI said that tax rebate at 5 percent of tax liability should be given to all persons for filing return of income with wealth statement within the due date, given in the Income Tax Ordinance, 2001 to encourage and promote return filing culture.
Those tax assesses who have failed to file the return but have already duly paid their tax liability, like the salaried employees, should be given a one-time waiver to file tax returns for prior years, if not done so. This will substantially enhance the number of tax filers and will provide a support to the documentation initiative of the government.
