Record-breaking surge in tax filings and revenue collection highlights significant compliance efforts.
Today marks the last day to submit income tax returns for 2024, with the Federal Board of Revenue (FBR) confirming that no additional extensions will be granted. This year has seen a remarkable rise in tax filings, with the FBR reporting an impressive 105% increase compared to last year.
As of Monday, over 4.43 million individuals have submitted their tax returns, more than doubling the previous year’s figure of 2.16 million filers. Additionally, the FBR has recorded a 120% jump in income tax collections, with Rs114 billion collected by October 8, a substantial increase from the Rs52 billion gathered in the same period last year.
Notably, 1.63 million taxpayers have declared zero taxable income in their filings. Since July 2023, over 1.03 million new taxpayers have registered, with 622,000 of them also declaring no taxable income.
The FBR credits this surge to its continued efforts to expand the tax base and encourage broader compliance with tax laws. Earlier, the FBR had extended the filing deadline by 14 days, following requests from trade and tax bar associations, though calls for a one-month extension were not met.
Taxpayers are being urged to file their returns by the deadline to avoid penalties and legal repercussions. With the deadline looming, the number of tax filers has more than doubled compared to the same period last year, reflecting a significant increase in compliance across the country.
Comments are closed, but trackbacks and pingbacks are open.