FBR Reports Surge in Tax Filings for 2024, Doubling Previous Year’s Figures
New Agreement Aims to Boost Tax Compliance Through Data Exchange
The Federal Board of Revenue (FBR) announced that by October 26, a record 4.82 million tax returns were filed for the tax year 2024, showing a significant rise from the previous year.
In fiscal year 2023, only 2.407 million returns were submitted, marking a near doubling in the number of filers this year. Among last year’s filers, 1.82 million declared no taxable income and paid zero tax, with 869,929 of them submitting nil returns.
The FBR has also gathered extensive data on 195,000 high-net-worth individuals, including information on their bank accounts, properties, and luxury vehicle registrations.
FBR Extends Income Tax Filing Deadline to October 31
To bolster its initiatives, the FBR and NADRA have agreed to deepen their collaboration and streamline data sharing.
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