The Federal Board of Revenue (FBR) has given taxpayers some extra breathing room by pushing the deadline for filing income tax returns to October 31. The announcement, made on Tuesday, came after repeated requests from trade bodies who highlighted that the recent bank holidays due to the SCO summit would make it hard for people to file on time.
With the extension, individuals and businesses now have more time to gather all necessary paperwork and complete their returns without the usual last-minute rush. This move by FBR aims to ensure that everyone gets a fair chance to comply with the latest tax rules without facing unnecessary penalties. It’s the second time FBR has pushed the date forward, the first extension moved the original deadline from September 30 to October 14.
Over the past few years, the FBR has been working to make the tax filing process less of a hassle. They’ve introduced online platforms that allow taxpayers to file electronically, making it quicker and less burdensome. This shift to digital helps cut down on paperwork and makes tax collection a lot smoother for the authorities. But even with these changes, the pressure on taxpayers has been heavy as Pakistan’s economy struggles with rising prices and high inflation. From 2023 to 2024, inflation jumped nearly 50%, making it tough for businesses and everyday people alike to keep up.
The government’s push for more aggressive tax collection comes as it tries to tackle the financial challenges of these economic pressures. The extension provides some relief, giving people a bit more time to get their finances in order while adjusting to the new tax regulations.
So, if you haven’t filed yet, mark your calendar for October 31. The clock is ticking, but at least now you have a little more time.
source https://enews.hamariweb.com/pakistan/fbr-extends-tax-filing-deadline-last-date-for-tax-return-check-now/
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