ISLAMABAD, May 26: The business community of the federal capital on Saturday said if the government really wanted to achieve Rs1,952 billion revenue target for this fiscal, it should simplify tax collection system.

It asked the federal board of revenue (FBR) to extend the deadline for payment of income tax from May 31 to June 15.

In a meeting held at the office of Islamabad Chamber of Commerce and Industry (ICCI), the members demanded the government to exempt penalties and default surcharge for all taxes to facilitate the tax filers.

Speaking to the members, the ICCI president, Yassar Sakhi Butt, said that exemption from default surcharge and penalties had been announced in Sales Tax and Federal Excise cases through SRO 548 issued on May 22.

“Through the SRO, the amnesty has been given to the filers of withholding tax,” he added. “Amnesty should be announced for all Income Tax cases as well as those cases where any amount is outstanding on account of audit observation,” he said.

ICCI President said the government should announce realistic economic targets for forthcoming fiscal year 2012-13 by keeping in view the ground realities to achieve sustainable development.

The ICCI members noted that across the board amnesty would facilitate both the taxpayers and the tax department for settlement of the pending cases and save their time and cost.