KCCI for deferring last date of tax payment under Section-7E

President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf has requested the Ministry of Finance to defer the last date of tax payment under Section-7E (tax on deemed income) of the Income Tax Ordinance 2021 from December 31, 2022 till such time when all the stakeholders mutually find a way out and this issue is amicably resolved as the business community finds Section-7E, inserted through Finance Act 2022, contrary to the provisions of Article 142 of the constitution.

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In this regard, President KCCI noted that a petition has also been filed at Baluchistan High Court which has restrained FBR from taking any coercive measures and the proceedings were currently underway, hence, the last date has to be postponed until the constitutionality of Section-7E was decided. Many taxpayers were unable to file their tax returns due to this ambiguity, hence, consultation must take place between the business community and FBR so that all the stakeholders could jointly find a way out of this issue, he added.