Islamabad: The Federal Board of Revenue (FBR) on Wednesday (November 10) reported a 57% increase in the number of individual income tax filers during the tax year 2020 (TY-20), as compared with the figures recorded in TY-17, news sources reported. According to the data released on Wednesday, corporate tax returns have also climbed by 40.3%, followed by the Association of Persons (AoPs) with a 26.7 % increase as compared to the data collected in 2017.
According to the report, the adjustments in tax filing with returns have also experienced a significant increase. Individuals who paid with return have seen the greatest growth of over 75%, followed by AOPs at 63.2% and corporations at roughly27 %. Similarly, the report stated that the cumulative rate of tax filing by individuals has increased to 49.3%, up from 26.3% in TY-17. The share of AoP in total tax paid climbed marginally to 8.9 % from 5.5 %, while corporate tax returns decreased in actual revenue terms. During the same time period, however, the number of firms that filed returns climbed from 39,944 in 2017 to 56,055 in 2020.
Moreover, FBR also reported that they have collected PKR 80.1 billion during 2020-21 from income tax demands which are 31% higher than the previous fiscal year.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
