Monday, October 19, 2020  | 1 Rabiulawal, 1442
Samaa TV
Facebook Twitter Youtube
HOME > Money

FBR extends deadline to file tax returns till Dec 8

SAMAA | - Posted: Oct 1, 2020 | Last Updated: 3 weeks ago
SAMAA |
Posted: Oct 1, 2020 | Last Updated: 3 weeks ago
FBR extends deadline to file tax returns till Dec 8

The Federal Board of Revenue has extended the deadline for filing income tax returns of the fiscal year ending June 30, 2020 by more than two months, a notification said on Wednesday.

Every year, individuals, associations of persons, and companies are required to submit their income tax returns with the FBR by end of September. However, the deadline has now been extended till December 8, the FBR said adding that no further extension in the deadline would be granted.

The FBR didn’t specify the reason for this extension but there were reports that the national exchequer didn’t upload the required forms until the second week of September and the extension was inevitable. For tax year 2018, the FBR extended the date multiple times and stretched it over a year beyond the first deadline of September 30. It published taxpayers’ directory up to fiscal year 2018 earlier this month, showing a lag of at least one year.

According to provisional estimates, the government will collect Rs4.7 trillion in federal taxes in the latest fiscal year and have a budget deficit of Rs3.3 trillion or 8% of the GDP.

High expenditure and low revenue has been a big challenge for the government, which ends up borrowing money to plug this gap. The country has one of the lowest tax-to-GDP ratios (approximately 15%) because of tax evasion. For fiscal year 2018, the tax authority selected 12,553 cases for audit of which more than 10,000 are related to income tax and 2,000 to sales tax.

FaceBook WhatsApp
 
HOME  
 
 
RELATED STORIES

Tell us what you think:

Your email address will not be published.

FaceBook WhatsApp
 

 
 
fbr tax, tax returns pakistan
 

Monthly Salary

Monthly Tax

Monthly Salary After Tax

Annual Salary

Annual Tax

Annual Salary After Tax


MOST READ
MOST READ
Suzuki Alto 660cc with AC now costs Rs1.43 million
Pakistan’s first ever public electric bikes launched
PIA flights to resume to England from October 30
All you need to know about Canada’s Express Entry visa
A cool investment tip that can make you richer
Joblessness in Pakistan to reach 30-year peak in 2021
Pakistan records its highest-ever bike sale in first quarter
Pakistan’s dollar reserves at a 15-week low
Finance Ministry hoping Pakistan will evade FATF blacklist
 
 
 
 
 
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs   |   Authors   |   Comment Policy
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp