Income Tax Returns

Photo Credit: Daily Times

The date for filing income tax returns has now been extended to November 30th, 2022.

The Federal Board of Revenue (FBR) has achieved their target of Rs. 2.14 trillion in the last four months, however, they are now struggling with keeping the pace amidst the reduction in income tax returns filers.

The decline mainly came from increasing the tax base. The FBR is expecting to collect over Rs. 1.3 million to match last year’s performance. To meet the targets, the date for filing the returns has been extended for the second time.

The officials at FBR said that the department has collected Rs. 2.148 trillion taxes in July-Oct as compared to the target Rs. 2.143. The collected tax during the same period last year was 16% more, Rs. 305 billion.

The income tax collection was Rs. 1.84 trillion in the first four months of the previous year. However, due to the recent economic crisis, it seems that FBR is likely to face difficulties in meeting targets.

The FBR has also missed its monthly target of Rs. 534 billion buy Rs. 22 billion, primarily because of a ban on imports.

The domestic sales tax stood at Rs. 298 billion which is increased by Rs 42 billion or 16% in the last four months.

Additionally, the IMF has also asked the government of Pakistan to impose more taxes, around Rs. 600 billion. With this new demand, the pressure on the government will increase further.

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