ISLAMABAD: Finance Minister Ishaq Dar on Friday waived payment of penalty for late filing of income tax returns till Dec 5.

As the date for filing of returns expired on Nov 21, the FBR did not extend the date. However, penalty and default surcharge would not be levied, if returns are filed up to Dec 5, after which penalty and default surcharge be levied from Nov 22, said FBR spokesperson Shahid Husain Asad. The decision had been taken to facilitate taxpayers, he added.

A statement of the FBR said that a number of representations were received from Pakistan Tax Bar Association, Pakistan Tax Advisers Association, FPCCI, various chambers of commerce and industry and other various professional/business/trade bodies, requesting extension in the date of filing of returns.

The last date was extended thrice between Aug 31 and Nov 21. FBR has asked all taxpayers to file their returns as early as possible to avoid legal action.

Published in Dawn, November 22th , 2014