FBR records a 40% spike in income tax return filings before the deadline expires tomorrow.
Islamabad: The Federal Board of Revenue (FBR) has reported a 40% increase in income tax returns filed in the tax year 2018-19, as compared to the number of returns filed in the preceding year — with this surge in numbers a result of the approaching January 31 deadline for filing tax returns, according to news sources.
The tax authority had already received 2.285 million tax returns till Wednesday (January 29), against the total 1.635 million returns filed during the last tax year (2017-2018).
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To date, the deadlines for income tax return filings has been extended four times already in order to ensure that the maximum number of taxpayers have the opportunity to file their returns.
The FBR registered a record number of 2.7 million returns back in the tax year 2017-18.
FBR, under the World Bank (WB) funded project, seeks to increase the number of income tax return filings to 3.5 million by 2023.
FBR spokesperson Dr. Hamid Ateeq Sarwar has expressed hope that the number of people filing their returns will increase even further before the deadline expires tomorrow.
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He revealed that the FBR has received 2.139 returns from salaried and non-salaried individuals, while 59,243 returns were received from the association of persons (AoPs). He added that 35,233 of the total 105,407 companies registered with the Security and Exchange Commission of Pakistan (SECP) had also managed to file their returns so far.
According to an official statement issued on Wednesday, FBR requires individuals in possession of houses spanning over 500+ square meters and 1,000+ cc cars, to file their tax returns. All the commercial and industrial consumers of power and gas are also obligated to be on the active taxpayers’ list.
Meanwhile, the FBR has launched a helpline service that can provide assistance in case of any issues faced by the people looking to file their returns.