The members of PTBA are making every effort to make the above scheme a great success. However, it would not be out of place to submit that no substantial filing of return has been made under section 214E due to the following reasons:
i) The last date for filing the Individuals, AOPs and Companies (Special tax year) tax return was 17th December, 2018, where more than 1.4 million tax returns have been filed compared to 1.121 million on the same date last year, which are more than 0.3 million (approx 30pc), in comparison to last year on the same date;
ii) The last date for filing of tax returns by companies is falling due on 31st December, 2018 and we anticipate that more than 20,000 returns have already been filed in less than two weeks;
iii) In large number of cases notices under section 177 read with section 214D of the Ordinance have not been issued to the taxpayers by the automated system, which is mandatory to initiate the process to file returns under Section 214E of the Ordinance; and
iv) Certain improvement in the automated system for efficient disposal of cases has been solicited from the FBR.
Furthermore, the PTBA said that large number of taxpayers would like to avail the above scheme but unfortunately due to last date (31st December, 2018) for filing of tax returns under the provisions under section 214E of the Ordinance, which was also coinciding with the last date of filing of returns by the companies.
In addition, the disposal of a large number of cases, some reasonable amount of revenue would also be generated. Therefore, it is requested to extend the date for filling of return and payment of tax under section 214E of the Ordinance by March 31, 2019.