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Pakistan files record 150,000 tax returns in a day

The last date for filing tax returns is today Sep 30

SAMAA | - Posted: Sep 30, 2021 | Last Updated: 2 months ago
Posted: Sep 30, 2021 | Last Updated: 2 months ago

The Federal Board of Revenue has said that it has received a record 150,000 tax returns in a day on September 28.

The deadline for filing income tax returns is September 30. The FBR has announced no further extension in the deadline for Tax Year 2021.

The FBR has urged taxpayers to file their income tax returns before the deadline to avoid legal complications.

According to the FBR, failure to submit income tax returns will result in a daily fine of Rs1,000 and non-filers will be sentenced to two years in prison.

Individuals and associations with more than Rs300,000 in business income per annum are required to submit tax returns. Apart from that, salaried persons earning more than Rs600,000 per annum and owners of 500 square yards houses or flats are also required to file returns.

Vehicle owners of 1,000cc or larger and industrial consumers who pay more than Rs500,000 in electricity bills per annum are also required to file tax returns.

The FBR’s aims to widen the tax base. It collected over Rs4 trillion in taxes last year and it has set a target of Rs5.8 trillion for the next year. The IMF has demanded that the target be Rs5.9 trillion, which experts have said is going to be a challenge.

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