The Lahore Chamber of Commerce and Industry, LCCI, has requested the Federal Board of Revenue to extend the asset declaration system deadline to August 31.
The FBR had previously stated that the maturity date for outstanding tax payments under the 2019 capital declaration plan will not be extended beyond June 30.
LCCI President Irfan Iqbal Sheikh said in a letter to the FBR that companies in all segments of the country are facing massive financial losses and disruptions to their businesses as a result of the Covid 19 pandemic.
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He asked the FBR to extend the deadline to August 31 to take into account the liquidity crisis the companies are currently facing.
The LCCI president said expanding the program would help generate additional revenue for the government.
"An extension of the 2019 wealth declaration plan could help the largest number of business people take full advantage of this initiative," he said, adding that the system would benefit both the government and the economy, as it would benefit the documentation of the economy.
“We have always asked to expand the tax network and reduce the tax rate. We think this program will contribute significantly to achieving the desired results, ”he said.
