FPCCI President Mian Nasir Hayat Magun has demanded that the FBR should extend the deadline for tax submission by two months so that the business community facilitate the submission of taxes and support the government’s campaign to expand the tax base and collect more taxes.
He said that based on the feedback from businesses across Pakistan, the FPCCI was of the view that millions of SME owners would not be able to file their income tax returns till September 30.
The FBR has imposed a 0.1% surcharge on a daily basis for late filing of taxable income, which is not only strict and illegal but also unenforceable as it is 3% monthly and 36% annually.
The maximum surcharge levied by the FBR should not be more than 2% as the rate is the same when the FBR delays the process of the tax refund.