Islamabad, Pakistan: The Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has advocated for lower income tax and corporate tax rates. He criticized the current system, where the majority of taxes collected are used to service debt.
Langrial emphasized that 95% of the population in Pakistan is poor and pays taxes indirectly through sales tax. He urged the government to reduce the tax burden on individuals and businesses. ARY News
The FBR Chairman also highlighted the need for a more equitable tax system and expressed concern about the high number of taxpayers who evade taxes. He emphasized the importance of improving tax compliance and increasing revenue collection through fair and efficient tax policies.
The FBR has extended the deadline for submitting income tax returns to October 31, 2024, to accommodate taxpayers who were unable to file their returns before the original deadline of October 14.
