Islamabad, September 30, 2023 – Responding to pleas from trade bodies and various tax bar associations, the Federal Board of Revenue (FBR) announced on Saturday that it is extending the deadline for filing income tax returns for Tax Year 2023 by one month.
The original deadline, which was slated to expire on September 30, 2023, has now been pushed back to October 31, 2023, providing taxpayers with an additional month to meet their obligations.
The eleventh-hour decision to extend the deadline came just minutes before the original cutoff time. A spokesperson for the FBR explained, “In view of the demand of trade bodies and various tax bar associations, it has been decided that the date of filing income tax return for Tax Year 2023 is extended to October 31, 2023.”
While the FBR acknowledges the challenges faced by taxpayers, it emphasized that this extension is a one-time provision, and no further extensions will be granted beyond the newly established deadline. Taxpayers are urged to capitalize on this additional time to ensure the accurate and timely completion of their income tax returns, in strict adherence to tax regulations.
The decision to extend the deadline comes amidst ongoing discussions between the FBR and representatives from trade bodies and tax bar associations. These stakeholders have been advocating for additional time, citing various reasons such as the evolving economic landscape, changes in financial reporting requirements, and the need for businesses and individuals to navigate the complexities of the tax code.
The FBR’s flexibility in response to these requests demonstrates a commitment to facilitating compliance while recognizing the practical challenges faced by taxpayers. This move is expected to ease the burden on individuals and businesses alike, allowing them the necessary time to gather relevant financial information and complete the filing process accurately.
Taxpayers are advised to utilize the extended deadline judiciously, seeking professional assistance if needed, to avoid any potential penalties or complications associated with non-compliance. As the new deadline approaches, the FBR will maintain its focus on ensuring tax regulations are adhered to, promoting a fair and efficient tax filing process for the benefit of both taxpayers and the revenue authority.
