FBR reported receiving a record 4.821 million income tax returns for the 2024 tax year as of October 26
The Federal Board of Revenue (FBR) reported receiving a record 4.821 million income tax returns for the 2024 tax year as of October 26, marking a significant rise of 2.4 million returns compared to the previous fiscal year’s 2.407 million filings by the same date.
This surge has also brought in Rs. 123 billion in tax revenue, more than double the Rs. 56.55 billion collected by this time in FY2023. Notably, over half a million returns (528,638) are from new filers, contributing to this substantial growth.
The deadline for income tax filing, already extended to October 31, is unlikely to be pushed further, as the FBR has cautioned taxpayers to meet their obligations promptly. This warning emphasizes the importance of adherence to avoid penalties, given the looming end-of-month cutoff. The previous deadline extension, granted on October 14, aimed to ease compliance, allowing taxpayers additional time to complete filings.
With the deadline approaching, the FBR urges taxpayers to take advantage of the extension to avoid any late fees, aiming to sustain momentum in revenue collection and compliance amid Pakistan’s evolving tax landscape.
