By Web Desk 
The Karachi Chamber of Commerce and Industry (KCCI) has called for an extension in the tax returns filing deadline, citing challenges faced by businesses in meeting the existing deadline. The KCCI believes that the extension is essential for ensuring compliance and avoiding penalties for businesses struggling with the complexities of tax filings.
Why Is KCCI Requesting the Extension?
The KCCI has highlighted several reasons for its request, including the economic challenges posed by the recent inflation surge, supply chain disruptions, and the devastating floods that have affected various parts of Pakistan. These factors have made it difficult for businesses to compile and submit their tax returns on time, prompting the need for an extension.
Impact on Pakistani Businesses
Small and medium-sized enterprises (SMEs) have been hit the hardest, struggling to recover from financial setbacks while also adhering to tax regulations. An extension would provide much-needed relief, allowing these businesses to focus on rebuilding their operations without the added pressure of an immediate tax deadline.
Government’s Response and Potential Outcomes
The Federal Board of Revenue (FBR) has yet to respond to KCCI’s request, but many experts believe that granting an extension would be a positive step toward supporting the business community. Such a move would not only alleviate pressure on businesses but also improve compliance rates, as more entities would have the opportunity to prepare accurate tax returns.
The KCCI’s demand reflects the broader challenges faced by Pakistan’s business sector in a post-pandemic economy, and its resolution will be closely watched by entrepreneurs and industry experts alike.