Islamabad: The Federal Board of Revenue (FBR) has recorded a 71% rise in tax filers for FY23, with an additional 2.2 million people filing returns, as claimed by a news article on September 9.
The details show that the total number of filers has reached 5.3 million, while the deadline for filing returns for FY24 is set for September 30, 2024. Pursuant to the previous reports, the FBR collected PKR 9.285 trillion (USD 33.22 billion), surpassing the revised target of PKR 9.252 trillion in FY23.
Income tax collection reached PKR 4.512 trillion, exceeding its target by 21.25%, while sales tax collection fell short, bringing in PKR 3.096 billion, 14.16% below target. For the first two months of FY25, the FBR collected PKR 1.456 trillion, falling PKR 98 billion short of its PKR 1.554 trillion target.
Analysts indicate that missing September’s tax target could lead the government to consider introducing additional taxes, including a possible 100 basis point increase in withholding tax rates across various sectors.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
