Pakistan Tax Bar asks FBR to extend last date for availing audit scheme

Pakistan Tax Bar asks FBR to extend last date for availing audit scheme

KARACHI: Pakistan Tax Bar Association (PTBA) on Thursday asked Federal Board of Revenue (FBR) to extend the last date up to March 31 for availing audit scheme under Section 214E of Income Tax Ordinance, 2001.

In a letter to FBR chairman, PTBA demanded the extension in last date up to March 31, 2019 as it was expiring on January 31.

PTBA thanked the FBR chairman for accepting the request of the bar for expeditious disposal of huge number of cases automatically selected under Section 214D of the Income Tax Ordinance, 2001 by introducing amendment through insertion of new Section 214E in the Finance Supplementary (Amendment) Act, 2018 on September 18, 2018 and extended date for filing of returns up to January 31, 2019.

The PTBA also appreciated the government’s decision to waive the penalty for such persons who have filed return on income under the head of salary with or without profit on debt or individual income.

The PTBA said that many taxpayers had shown their intention to avail this facility following the sessions organized by the member tax bars.

It said that disposal of audit of more than one million cases was a humongous task for all the stakeholders. The members of PTBA are making every effort to make the scheme a great success.

The PTBA said that out of one million, almost 400,000 audits had been closed and reasonable amount of revenue had also been collected on this account by the FBR.

The FBR has been informed that the bar was receiving information that many taxpayers were still wanted to avail this scheme. “We anticipate that besides disposal of large number of cases, some reasonable amount of additional revenue would also be generated,” PTBA said.

PTBA requested the FBR chairman to extend the date for filing of return and payment of tax under Section 214E of the Ordinance up to March 31, 2019.