Federal Board of Revenue(FBR) has received a record high number of Income Tax returns this year.
According to a statement released by the FBR on Wednesday, “There have been approximately 1.8 million declarations filed, totalling around Rs 22 billion. Last year, around the same time, 1.73 million returns were filed and approximately Rs 13.5 billion was contributed as income tax. ”
In comparison, the return filing is 4% higher and the taxes paid are 63% higher.
Importantly, the government has decided not to extend the December 8, 2020 tax filing deadline in order to restore the credibility and predictability of the deadline, and to strengthen tax discipline. However, in order to ensure that taxpayers did not face difficulties, a number of special measures were taken.
This included the liberal acceptance of extension applications on the filing date as required by law and Manual filing requests; Allow tax practitioners/consultants to file one extension request for multiple clients.
The statement said the aforementioned measures prompted a large number of taxpayers to apply for an extension. It is estimated that at least 300,000 taxpayers have taken advantage of these opportunities, bringing total expected tax filing returns to 2.1 million, up 21% from the previous year.
FBR appreciated the taxpayer resolve to file tax and support received from tax Bars across the country which made such record-breaking income tax returns and payments possible. The decision to not to renew tax deadline demonstrate such decision will go a long way in restoring much-needed trust and credibility in the tax system.
Latest posts by News Desk (see all)
- Oil Prices down amid Geo-Political Uncertainty - November 1, 2023
- Govt to borrow PKR8.5 trillion in Bond Auction till Jan-2024 - November 1, 2023
- Nishat Chunian Ltd: 1QFY24 profit rises 13 percent to PKR 500mn - October 31, 2023