ISLAMABAD: In response to the ongoing lockdowns across various regions of the country to curb the spread of COVID-19, the Federal Board of Revenue (FBR) has announced an extension for the filing of monthly sales tax returns. This decision aims to alleviate the burden on taxpayers facing difficulties due to the pandemic-induced restrictions.
On Tuesday, the FBR notified all Chief Commissioners of Inland Revenue about the extended deadlines for submitting sales tax and federal excise returns, along with the necessary annexures, for the tax periods of January 2020 and February 2020.
For the tax period of January 2020, the FBR has now allowed taxpayers to submit their sales tax and federal excise returns by April 15, 2020. Originally, these returns were due on February 18, 2020, and the deadline was previously extended to February 28, 2020.
Similarly, the FBR has extended the deadlines for the tax period of February 2020. The date for payment, initially set for March 15, 2020, has been pushed to March 31, 2020. Additionally, the filing of sales tax and federal excise returns, which was originally due on March 18, 2020, and extended to March 25, 2020, can now be completed by April 15, 2020.
This move by the FBR comes as a significant relief for businesses and taxpayers struggling with the operational and logistical challenges brought about by the lockdowns. The extended deadlines provide additional time to comply with tax obligations without facing penalties, helping to ease the financial pressure during these unprecedented times.
The lockdown measures, implemented to prevent the spread of coronavirus, have disrupted normal business operations, making it difficult for many to meet their tax filing deadlines. The FBR’s decision reflects an understanding of these challenges and a commitment to supporting taxpayers through this crisis.
As the country continues to navigate the complexities of the pandemic, the FBR’s extension of filing deadlines is a proactive step to ensure that taxpayers have sufficient time to organize their finances and fulfill their tax responsibilities. The move is expected to help maintain compliance levels while providing much-needed flexibility to businesses affected by the lockdowns.
Taxpayers are advised to take note of the new deadlines and ensure timely submission of their returns to avoid any future complications. The FBR remains vigilant and may introduce further measures as the situation evolves, aiming to balance public health concerns with economic stability.