LAHORE: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Monday urged the federal government and Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns by one month, moving the cutoff date to October 31, 2026, to facilitate trade, industry, and other tax filers.<\/p>\n
The apex trade body emphasized that this extension is not a concession but a practical necessity to ensure maximum tax compliance, broaden the tax base and alleviate the immense pressure currently faced by business community, small and medium enterprises (SMEs) and individual taxpayers.<\/p>\n
FPCCI President Atif Ikram Sheikh highlighted that as the September 30 deadline approaches, taxpayers and tax practitioners are facing severe systemic bottlenecks. The FBR\u2019s IRIS portal has been experiencing frequent slowdowns, glitches, and downtimes due to heavy national traffic. These technical disruptions are preventing thousands of willing taxpayers from submitting their returns and wealth statements accurately and on time, he added.<\/p>\n
He explained that business community is fully committed to fulfilling its national duty and contributing to national exchequer. However, penalizing them for systemic inefficiencies and a highly congested and insufficient digital infrastructure is unfair.<\/p>\n
The FPCCI leadership outlined several critical reasons for the demanded extension, pointing first to the instability within the FBR\u2019s digital infrastructure. Constant lagging and crashing of the IRIS system during peak hours have made it nearly impossible for tax lawyers, chartered accountants, and individual business owners to process filings efficiently.<\/p>\n
He maintained that a one-month extension will provide a much-needed breathing space for taxpayers to reconcile their accounts, navigate the recent complexities introduced in the tax code, and file their returns without the fear of system crashes.<\/p>\n
Atif Ikram Sheikh mentioned that recent amendments in tax laws and reporting requirements have created confusion; meaning taxpayers require additional time to thoroughly understand these technicalities to avoid unintended errors in their wealth reconciliations.<\/p>\n
He stressed that alongside these technical hurdles, the ongoing macroeconomic challenges, including high inflation and surging operational costs, have severely stretched the administrative capacities of SMEs. Many businesses are struggling to finalize their financial audits and gather the necessary documentation within the rigid timeframe.<\/p>\n
The FPCCI stressed that granting this extension directly supports the government\u2019s own primary objective of increasing the number of active filers. Rushing the process will inevitably result in a lower volume of submissions, whereas an extended window will yield higher revenue collection and wider, more accurate compliance.<\/p>\n
Atif Ikram Sheikh has appealed to the Prime Minister, Minister for Finance and Revenue, and the FBR Chairman to take immediate cognizance of the ground realities.<\/p>\n
The Federation feared that failure to extend the deadline could force many legitimate businesses into the non-filer category, resulting in unwarranted penalties and disruption of commercial activities which the economic conditions cannot sustain.<\/p>\n
The FPCCI remains available to work collaboratively with the FBR to resolve systemic issues and streamline the taxation process for the mutual benefit of the state and the business sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
LAHORE: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Monday urged the federal government and Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns by one month, moving the cutoff date to October 31, 2026, to facilitate trade, industry, […]<\/p>\n
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