Islamabad, November 6, 2023 – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to operationalize the ‘Directorate General of Immovable Property,’ established under section 230F through the Finance Act of 2018.
(more…)Author: Mrs. Anjum Shahnawaz
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State Life Insurance Ordered to Pay Family of Deceased Policyholder Along with Profit
Islamabad, November 5, 2023 – President Dr. Arif Alvi has issued a directive to the State Life Insurance Corporation of Pakistan (SLICP) to fulfill a long-awaited death insurance claim, amounting to Rs 300,000, alongside accrued profits, for the family members of a deceased policyholder.
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Thundershower Likely in Northern Balochistan on November 6
The Pakistan Meteorological Department (PMD) has issued a weather forecast indicating the likelihood of a thundershower in northern Balochistan on Monday, November 6, 2023.
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Latest Petroleum Prices in Pakistan as of November 5, 2023
Pakistan has announced latest petroleum prices with effect from November 5, 2023 and will remain applicable till mid of this month.
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IMF Commends Pakistan for Achieving Fiscal Targets
Islamabad, November 3, 2023 – In a significant development, the International Monetary Fund (IMF) has commended Pakistan for its successful progress in achieving targets during the first quarter of the fiscal year 2023-24.
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PMD Predicts Cold Weather in Upper Parts of Pakistan on November 3
Islamabad, November 2, 2023 – The Pakistan Meteorological Department (PMD) issued a weather forecast on Thursday, predicting cold weather in the upper parts of the country on November 3, 2023.
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FBR Establishes Scrutiny Facilitation Team for Upcoming General Election
Islamabad, November 2, 2023 – The Federal Board of Revenue (FBR) has announced the formation of a scrutiny facilitation team, poised to support the Election Commission of Pakistan (ECP) during the upcoming general elections.
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Procedure Revealed for Late Tax Return Filers to Appear in Active Taxpayers List
Karachi, November 2, 2023 – The Federal Board of Revenue (FBR) has announced a procedure for taxpayers who have filed their income tax returns after the deadline to be included in the Active Taxpayers List (ATL).
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FBR Grants Extension for Post-Deadline Tax Return Filing for Tax Year 2023
Karachi, November 2, 2023 – In a move aimed at alleviating the concerns of taxpayers, the Federal Board of Revenue (FBR) has decided to allow post-deadline return filing for the tax year 2023.
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Taxpayers Urge Finance Minister to Extend Return Filing Date up to November 30
Disappointed Taxpayers Seek Relief from Unmet Deadlines and Technical Challenges
Islamabad, November 2, 2023 – Frustrated taxpayers in Pakistan are calling upon the finance minister to extend the deadline for filing income tax returns up to November 30, 2023, citing disappointments stemming from the Federal Board of Revenue (FBR)’s handling of the matter.
Despite the initial deadline for filing income tax returns for the tax year 2023 being set for September 30, 2023, it was later extended to October 31. However, many taxpayers and tax practitioners are claiming that this extension was rendered nearly useless due to technical issues associated with the IRIS 2.0 online tax filing portal.
Javed Iqbal Qazi, an Advocate Supreme Court, has taken action on behalf of these taxpayers by writing a letter to the finance minister. In his letter, he highlighted several issues that have hindered the filing process. According to the advocate, as of October 31, 2023, only 2.9 million income tax returns for the Tax Year 2023 have been filed, significantly below the FBR’s estimate of 4.7 million.
Qazi pointed out that various challenges, including adverse climatic conditions, have had a debilitating effect on advocates, tax practitioners, and their staff. They are grappling with ailments such as dengue, seasonal fevers, and other diseases, making it difficult to prepare and submit returns for their clients.
Furthermore, the financial hardship faced by many taxpayers has prevented them from depositing their tax liabilities in the government treasury. While the necessary data for tax return preparation is available with advocates, chartered accountants, and tax practitioners, the unavailability of their staff has prevented them from preparing returns and issuing challans for their clients to deposit funds in the government treasury.
It’s worth noting that the federal government extended the deadline for the Tax Year 2022 until December 15, 2022, providing a precedent for such extensions. Additionally, local tax bars have already submitted requests to the FBR, urging them to extend the deadline for filing income tax returns up to November 30, 2023.
Taxpayers are now anxiously awaiting a response from the finance minister and the FBR, hoping for an extension that will provide them with the necessary time and resources to fulfill their tax obligations for the Tax Year 2023.