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NBR Extends Deadline for Tax Return Submission 

Economic Tag: Vat & Tax

The National Board of Revenue (NBR) has granted a two-month extension for companies to submit their tax returns for the income year 2022-23, according to a notice issued today. The deadline extension is applicable to companies that have sought extra time from the tax authority to file their tax returns. As many companies follow July-June as their financial year, they could not file their returns even after obtaining the extension granted until January 15 of every year. The NBR has developed a digital system known as the Document Verification System to prevent submission of falsified accounts along with tax returns and to ensure payment of the appropriate amount of corporate income tax to the state coffers. Companies account for almost 60% of total income tax, making them the second-largest source of revenue for the NBR.

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