Income tax, corporate tax rates required to be slashed: FBR chief
- By Web Desk -
- Oct 16, 2024
ISLAMABAD: Chairman FBR Rashid Mahmood Langrial on Wednesday said that the income tax and corporate tax rates required to be fixed and slashed, ARY News reported.
“It is wrong to collect tax for the whole year and paying it for debt servicing,” FBR chief said.
Rashid Langrial said that there are such government officers, traders and industrialists, who doesn’t evade a single rupee of the payable tax.
He said 95 people in the country are poor, but they are paying tax in the form of sales tax.
FBR chief said there are five percent wealthy people thus the tax being imposed over them. “There are some people in this five percent who didn’t pay their taxes,” FBR chairman added.
It is to be mentioned here that the government has extended the deadline for filing income tax returns for the tax year 2024 again until October 31, providing an opportunity for those who did not file their returns before October 14.
The previous deadline was October 14, but banks in Islamabad and Rawalpindi were closed for three days, causing issues for taxpayers who completed their returns, Federal Board of Revenue Chairman Rashid Mahmood Langrial confirmed to Dawn on Monday.
The original deadline for submitting tax returns was September 30.
The FBR received 4.537 million income tax returns until October 14, compared to 2.183m during the same period last year. For the tax year 2023, the FBR received a total of 6.464m returns. To reach last year’s level, it needs an additional 1.927m returns.