KARACHI: The new e-filing Integrated Risk Information System (IRIS) introduced by FBR has become a hurdle in collection of taxes.
According to the sources, the taxpayers are facing difficulties in filing their tax returns by online support system. Therefore, the FBR has collected Rs 60 billion less in the first quarter of the fiscal year 2015-16.
The FBR has set a target of Rs 900,000 tax returns till the last date but even after extending the deadline three times, only 150,000 tax returns were filed.
Talking to Customs Today, Additional Commissioner Regional Tax office _III (RTO_III) Muhammad Furqan Salari said that it is not good to speculate about the tax collection. There is enough time to collect tax returns as 11 days are still remaining for submission of tax returns, he said.
The sources said that the taxpayers are also facing difficulties in submitting Withholding Tax (WHT). The FBR has extended the last date for submission of withholding tax statements on August 13, 15 and September 28 as per circular numbers 3, 6, 7 but nothing has been improved in this regard.
It is pertinent to mention here that FBR has extended the last date for submission of tax returns till October 31, 2015.
Pakistan must capitalize on emerging opportunities
LAHORE: Pakistan must capitalize on the emerging opportunities by formulating comprehensive economic and trade policies aimed at boosting investment, regional...
