KCCI Calls for an Extension in Tax Returns Filing Deadline” 2024

The Karachi Chamber of Commerce and Industry (KCCI) has officially requested an extension in the deadline for filing income tax returns, citing multiple challenges faced by businesses and taxpayers. This demand comes as many business owners and professionals in Pakistan struggle to meet the current filing deadline, sparking widespread debate about the need for more lenient policies.

Reasons Behind KCCI’s Request

The KCCI has highlighted several issues that have contributed to delays in the filing process, including technical glitches in the Federal Board of Revenue’s (FBR) online system, insufficient awareness among taxpayers about recent changes in tax regulations, and the financial challenges faced by businesses due to the ongoing economic crisis. Additionally, frequent power outages and internet connectivity issues in different regions have further hampered the ability of taxpayers to submit their returns on time.

The chamber emphasized that extending the deadline would provide much-needed relief to businesses that are still recovering from the economic impacts of the COVID-19 pandemic and the recent inflationary pressures.

Impact on Pakistani Businesses and Taxpayers

An extension in the tax return filing deadline would offer a significant respite to small and medium-sized enterprises (SMEs) and individual taxpayers, allowing them more time to organize their finances and submit accurate returns. This move could also prevent unnecessary penalties and legal complications that arise from late submissions, helping to maintain a smoother relationship between taxpayers and the FBR.

Government’s Response to KCCI’s Demand

The KCCI’s request has garnered support from various business associations across Pakistan, who believe that extending the deadline will foster a more taxpayer-friendly environment. The government is currently reviewing the request, and there is optimism that the FBR will consider granting an extension to accommodate the concerns of the business community.

By addressing this issue, the government can demonstrate its commitment to supporting Pakistani businesses and encouraging compliance with tax regulations.