ByIslamabad, Pakistan: The Federal Board of Revenue (FBR) has reiterated the September 30 deadline for filing income tax returns and warned of strict penalties for non-compliance.
As of now, more than 1.9 million income tax returns have been submitted. The FBR has seen a significant increase in new taxpayers, with approximately 466,986 new registrations since July 1, 2023. Samaa Tv
Despite positive trends in tax compliance, the FBR remains focused on expanding the tax net and targeting individuals and businesses outside the formal economy.
Individuals with an annual income exceeding Rs600,000, as well as property or vehicle owners, are required to file their income tax returns. Entrepreneurs earning above the specified threshold are also obligated to submit returns.
Non-filers may face severe consequences, including disconnection of mobile phone SIMs, electricity, or gas connections, as well as legal action. The FBR has the authority to freeze bank accounts after issuing a warning to non-filers. They will not be included in the Active Taxpayer List.
Individuals with foreign travel records, bank balances, properties, houses, or vehicles are also required to file their tax returns. Failure to comply will result in penalties.
The FBR urges all taxpayers to meet the September 30 deadline to avoid facing legal and financial consequences.
