Brokers, investors ask for extension in filing deadline

Stock brokers and corporate investors ask for a month’s extension in deadline for filing statements and returns.

ISLAMABAD: Stock brokers and corporate investors have asked for a month’s extension in the deadline for filing quarterly statements and returns.

A senior official of the Federal Board of Revenue (FBR) said that the FBR had received a letter from the Karachi Stock Exchange (KSE) on Wednesday that requested an extension in the deadline from October 21 to November 21.

The official also informed that the rules for the computation of capital gains tax (CGT) will be issued as soon as possible to assist brokers and investors in filing their returns. He said that investors and brokers will face difficulties in filing returns if the rules are not unveiled soon.

The FBR is considering the KSE’s request and it will probably allow the extension, the source said, adding the rules for the CGT were developed after consulting all stakeholders and have been sent to the ministry of finance for approval.

Thursday is the last day for the filing of returns and since the FBR has not been able to notify investors and brokers of CGT rules, it is expected that the deadline will be extended, he said.

The deadline for the filing of statements and returns was October 7 earlier but had been extended to October 21 for the same reason upon request.

It is not necessary for the investors to have a copy of the rules while filing their statements and returns but the stakeholders had earlier agreed to link their filings with the issue of new rules. The official added that no additions have been made to the original CGT rules.

The minister for finance is currently in Washington as part of the Pakistani delegation taking part in the strategic dialogue with the US and is expected to return on October 22. The rules are not expected to be reviewed by the ministry before that date.

Published in The Express Tribune, October 21^st, 2010.