ByIslamabad, Pakistan:The Federal Board of Revenue (FBR) in Pakistan has reported a substantial 76% increase in tax return submissions for 2024, with 5.215 million returns filed as of November 6. This figure is significantly higher than last year’s 2.959 million returns within the same timeframe. Additionally, 2.051 million returns have been filed specifically for the fiscal year 2024, compared to 1.036 million during the same period last year.
This increase is part of the FBR’s concerted efforts to expand the tax net. From July 1 to November 6, approximately 660,000 new filers registered, though this is a decrease from the 1.346 million new filers recorded in the same period last year. In total, over 132 billion new tax returns have been filed this year, up from 77 billion in the prior year.
The FBR also announced that it would not extend the October 31 deadline for filing income tax returns after granting two prior extensions. The FBR has emphasized that individuals earning a monthly income of at least Rs50,000 are required to file tax returns. Non-filers may face penalties, including travel restrictions, blocked SIM cards, and disconnection of electricity and gas services.
