Lahore: Federal Board of Revenue (FBR) Chief Commissioner of Inland Revenue (Lahore) Nasir Iqbal stated on Thursday (October 27) that the authority is considering extending the deadline for filing income tax returns, a news source reported.
During a meeting held at the Lahore Chamber of Commerce and Industry (LCCI), Iqbal also stated that the FBR has established a plan to reduce its direct involvement with the business sector, which includes aiding filers and limiting non-filers usage of untaxed money. This shift in thinking reaped benefits for the government, bringing about 80,000 new filers each year to regional tax offices (RTO) in Lahore alone. He said the same policy will be extended further to monitor new income tax filers. He stated that the changes to the IT return form were meant to assist new filers and small business owners.
He further stated that tax filers gain more from property investment since taxes for taxpayers are 2% and adjustable, but the rate for non-taxpayers is 7.5%.
It is important to mention that FBR has issued a new and simplified return form for small business owners and shopkeepers with annual revenue of less than 10 million.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
