Daily Times

FPCCI president Mian Nasser Hyatt Maggo has requested that the FBR extend the deadline for filing taxes by two months in order to assist business and support the government’s efforts to broaden the tax base and collect as much revenue as possible. There’s only one day left in this fiscal year to file income taxes, according to the FPCCI’s chief; and based on feedback from businesses across Pakistan, the FPCCI believes that hundreds of thousands of small business owners will be unable to do so by Thursday. For delayed filing on taxable income, FBR has informed Mian Nasser Hyatt Maggo that there will be a 0.1 percent daily surcharge. That’s a lot of money and a lot of hassle, as it equates to 3pc per month or 36pc annually. KIBOR plus 2pc, which is also the rate at which FBR delays processing tax refunds, should be the maximum surcharge FBR can impose. Maggo reaffirmed his position that FBR should stop making radical anti-business decisions, he has said that FPCCI is always ready to provide its platform as the apex representative body for the business, industry, and trade community of Pakistan.