Islamabad: The Federal Board of Revenue (FBR) on Friday (September 30) announced an extension in the deadline for filing income tax returns, news sources reported.
The new date for filing is October 31. Finance Minister Ishaq Dar announced the extension during a press conference in Islamabad. He stated that the government has chosen to extend the deadline to maximise tax collection and meet the fiscal year’s income tax objective. He also stated that the delay is part of the government’s policy to accommodate flood-affected areas and the complexity of this year’s income tax filing procedure.
According to a statement issued by the FBR, the apex tax body exceeded its quarterly (July-September) tax target of PKR 1.61 trillion despite legal obstacles, collecting PKR 1.635 trillion, exceeding the objective by PKR 26 billion. Moreover, the FBR issued PKR 84 billion in tax refunds in three months, a PKR 22 billion increase over the previous year.
It is important to note that FBR has set a tax target of PKR 7.470 trillion in the current fiscal year, which requires 21% growth over taxes received in the previous year. As per the government’s estimates, the tax collection will remain high despite the challenges of the flood, high inflation, and economic conditions.
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