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No further extension of tax investment scheme after 31st says FBR

Federal Board of Revenue (FBR) has announced there will be no extension of period already given up to December 31, 2008 for the filing of returns for investment tax scheme announced in July this year.

In a statement issued on Friday, FBR's member Direct Taxes said the board had decided not to extend the last date of December 31, 2008 for those wanting to apply for the tax investment scheme whereby individuals can declare their undeclared assets by paying only two per cent of the fair market value of their assets.

Similarly, there would be no extension of date for the e-filing of income tax returns for the corporate sector. He said the taxpayers seeking to file their income tax returns in the corporate sector must use e-filing mode and the last date for them to do so will not be extended beyond December 31, 2008.

The member called for an early e-filing of returns by taxpayers to avoid any punitive measures the board might consider taking against those failing to benefit from the scheme. He said the FBR was in possession of sufficient information and relevant data to trace up those who would not avail of the tax amnesty facility offered by the FBR.

Hamid Raza Wattoo
Secretary PR
Dec 26, 2008
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