ISLAMABAD: Chairman FBR Rashid Mahmood Langrial said that Income Tax and corporate tax rates required to be fixed and slashed.

“It is wrong to collect tax for whole year and paying it for debt servicing,” he said. He said that there are such government officers, traders and industrialists, who doesn’t evade single rupee of payable tax. He said 95 people in country are poor, but they are paying tax in form of Sales Tax. He said there are five percent wealthy people thus tax being imposed over them. “There are some people in this five percent who didn’t pay their taxes,” FBR Chairman said. Government has extended deadline for filing Income Tax returns for tax year 2024 again until October 31, providing an opportunity for those who did not file their returns before October 14. Previous deadline was October 14, but banks in Islamabad and Rawalpindi were closed for three days, causing issues for taxpayers who completed their returns, Federal Board of Revenue Chairman Rashid Mahmood Langrial confirmed. Original deadline for submitting tax returns was September 30. FBR received 4.537 million Income Tax returns until October 14, compared to 2.183 million during same period last year. For tax year 2023, FBR received total of 6.464 million returns. To reach last year’s level, it needs an additional 1.927 million returns.