FBR date for filing tax return of year 2018 extended to 09.08.19.

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FBR vide its notification dated 02 August 2018 has extended deadline for filing annual income tax return of tax year 2018 (previously fixed for 02.08.19) to 09.08.2019. Ensure filing your return by the new deadline to become a filer and avoid penlty of Rs.10,000 on late filing.

We can assist you in preparing and filing your return and wealth statement in time. Please contact should you need our assistance.

FBR Date Extended till 30th Novemeber 2018 to Become Filer

This is the best time to become active tax filler to get huge benefits and making your wealth legalise through tax amnesty. As per FBR press release date is further extended to 30 November 2018.

Federal cabinet, on the recommendations of the Finance Minister, has approved extension of closing date of tax amnesty schemes for declaration of foreign assets and domestic income and assets till July 31st, 2018. This has been effected through a Presidential Ordinance.

The deadline for filing amnesty declarations was June 30th, 2018. However, during last week a large number of representations have been received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges. The extension was also needed to remove ambiguities through clarifications and explanations required to provide certainty to the general public and to ensure effective implementation of the schemes. In addition, declarants of foreign assets faced problems in the payment of tax on foreign assets and repatriation of liquid assets.

The Finance Minister recommended extension of the cut-off date for availing amnesty schemes as there has been an overwhelming demand and response which is on the rise. The date has been extended by one month to enable general pubic to file declarations for undeclared foreign assets and undeclared domestic assets and income and thereby get their tax affairs in order. It will also help the government in bringing undocumented persons, assets and income into the documented sector. Depending on flows, the schemes have potential to bring in macroeconomic and fiscal stability in the economy.