FPCCI Demands Extension in Last Date, Withdrawal of Surcharge

September 29, 2021: Mian Nasser Hyatt Maggo, President FPCCI, has demanded that the FBR should extend the deadline for tax filing by two months to facilitate the business community and support the government’s drive to broaden the tax base and collect maximum taxes.

FPCCI Chief, referring to the fast-approaching deadline of September 30, 2021, i.e. Thursday; and, recommended to the authorities that on the basis of feedback from businesses across Pakistan, FPCCI maintains that hundreds of thousands of SME owners will not be able to file their income taxes by Thursday. 

Mian Nasser Hyatt Maggo said that FBR has notified a daily surcharge of 0.1% for delayed filing on taxable income; which is not only harsh but also impractical as it translates into 3% per month and 36% per annum. The maximum surcharge by FBR should not be more than KIBOR plus 2%; which also happens to be the rate when FBR delays the processing of tax refunds.

Mian Nasser Hyatt Maggo, as President FPCCI, has reiterated his stance that FBR should stop taking one-sided radical anti-business decisions; instead, should have a detailed consultative process with the business, industry, and trade community of Pakistan, and FPCCI is ever-ready to provide its platform as their apex representative body.

Press Release