As a taxpayer in Pakistan, it’s important to stay informed about the various tax deadlines throughout the year to avoid penalties and ensure timely compliance with tax laws. Here are some of the most important tax deadlines to keep in mind:
- Tax Return Filing Deadline
The most significant deadline for taxpayers in Pakistan is the annual tax return filing deadline, which falls on September 30th each year. This is the deadline for submitting tax returns for the previous fiscal year, which runs from July 1st to June 30th. Taxpayers who fail to meet this deadline may face hefty penalties and interest charges.
- Deadline for Filing Revised Returns
If you’ve made a mistake in your tax return or need to amend it for any reason, you have until November 30th to file a revised return. This deadline applies to taxpayers who submitted their original returns by the September 30th deadline.
- Deadline for Submission of Annual Withholding Statements
Employers are required to submit annual withholding statements to the Federal Board of Revenue (FBR) by June 30th of each year. These statements should detail the income tax withheld from employees’ salaries during the previous fiscal year.
- Advance Tax Payment Deadlines
If you’re a taxpayer who is required to pay advance tax, you must make four equal installments by March 15th June 25th and September 15th and December 15th of each fiscal year.
- Deadline for Payment of Property Tax
Property owners in Pakistan are required to pay property tax by September 30th of each year. The amount of tax payable depends on the assessed value of the property and varies between provinces and cities.
- Monthly and Quarterly Deadlines
In addition to these annual deadlines, taxpayers in Pakistan may also need to meet monthly or quarterly deadlines for the payment of sales tax, federal excise duty, and other taxes. These deadlines vary depending on the type of tax and the taxpayer’s individual circumstances.
Keeping track of these important tax deadlines is essential for any taxpayer in Pakistan. Missing a deadline can lead to costly penalties and interest charges, so it’s important to stay informed and plan ahead. If you have any questions or concerns about your tax obligations, it’s always a good idea to consult with a professional tax advisor who can provide tailored advice based on your specific circumstances.