Karachi: The number of tax return filers has reached a record number of 1.96 million applicants for the tax year 2018, a news source reported. As per sources, this figure represents an increase of almost 7% year-over-year. The government had extended the tax-filing deadline three times – the last being on April 30, 2019.
Federal Board of Revenue (FBR) officials have reported that they expect the number to go beyond the two million mark by June 30; provided that the government introduces its assets declaration scheme. The incumbent government is currently discussing this amnesty, which is expected to lead to the declaration of more wealth statements.
As per reports, the government plans to introduce the amnesty scheme in the ongoing quarter of the fiscal year 2018-19. It may further extend the deadline for filing tax returns until this amnesty becomes applicable.
Becoming a part of the Active Taxpayers List offers reduced rates on withholding tax when making certain financial transactions. As per a recent FBR communication, the board has issued National Tax Numbers (NTNs) to 4.3 million individuals; all of them now liable to filing income tax returns.
