Islamabad: The Federal Board of Revenue (FBR) has received only 1.5 million returns so far with 2 days remaining in the deadline, news sources reported on September 29.
The filing of returns has decreased significantly, which market analysts attributed to policy uncertainty caused by Tax Ordinance 2001 and mounting concerns over flood damage. According to sources, around 1.45 million individuals, Associations of Persons (AOPs), and corporations have filed yearly tax returns thus far, accounting for less than 40% of taxpayers who filed reports during the previous tax year – 2021. Similarly, data obtained by the FBR revealed that around 4,600 firms have filed annual reports thus far. Some 3,750 of them submitted no returns.
The report stated that the FBR system has dramatically improved IT infrastructure over the years, which has tremendously aided tax filers, but the recent flood scenario has left many individuals in flood-affected areas unable to file returns. The FBR has also not yet released any formal policy on tax filing and extension of the deadline. Moreover, reports indicate that the issue of income tax on immovable property under Section 7C has also been a reason for many individuals being unable to file their taxes and waiting for the FBR’s judgment or announcement to clear the policy direction.
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.
