The Federal Board of Revenue (FBR) has firmly decided against extending the deadline for income tax return submissions, emphasizing the importance of compliance by urging all taxpayers to meet the September 30 deadline.
As the deadline approaches, the FBR is preparing to implement strict measures against individuals and businesses that do not adhere to the timeline. FBR officials report that over 1.9 million income tax returns have already been submitted this year. Notably, since July 1, 2023, approximately 466,986 new taxpayers have registered, along with an additional 205,525 registrations recorded since July 1, 2024. This substantial increase in registrations underscores the effectiveness of the FBR’s recent awareness initiatives and enforcement strategies aimed at improving taxpayer compliance.
Data from the FBR indicates a positive trajectory in tax compliance, with about six million returns filed in 2023. Nevertheless, the organization remains focused on broadening the tax base and targeting individuals and entities that continue to operate outside the formal economy.
Earlier this month, the FBR reiterated that individuals with an annual income exceeding Rs600,000, as well as those owning property or vehicles, are mandated to file their income tax returns. Additionally, entrepreneurs whose earnings surpass the specified threshold are similarly obligated to submit their returns.
FBR officials have warned that non-compliance will not go unpunished. Individuals who fail to file their tax returns may face severe repercussions, including the potential disconnection of their mobile phone SIM cards, as well as interruptions in their electricity and gas services. The FBR holds the power to freeze the bank accounts of non-filers after issuing a warning, and legal actions will be pursued against those who ignore notices demanding compliance.
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Moreover, the FBR has made it clear that individuals with records of foreign travel, significant bank balances, or ownership of properties, homes, or vehicles are required to file their tax returns without exception. Failure to comply with these regulations could lead to substantial penalties.
The FBR’s commitment to expanding the tax net is evident, as it seeks to ensure that everyone contributing to the economy is fulfilling their tax obligations. The increase in taxpayer registrations is a positive sign, reflecting a growing awareness among the public regarding the importance of tax compliance and the consequences of non-filing.
As the deadline approaches, the FBR continues to stress the need for timely submissions. Taxpayers are encouraged to file their returns as soon as possible to avoid the looming penalties and legal actions associated with non-compliance. The FBR’s proactive approach, coupled with its focus on raising awareness, aims to foster a culture of tax compliance across the country.
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