Islamabad: According to news sources dated October 23, the Federal Board of Revenue (FBR) has formed a large organization to help individuals file their sales tax filings, which is a huge step forward. The story further stated that the committee will comprise three teams of eight people. Sher Salim Tariq, Dr Nasir Khan, and Aamir Amin Bhatti will lead the first team. By October 31, it would focus on creating and executing a telecom industry-wide sales tax return filing system through a single portal.
This committee’s second phase will begin under Zainul Abidin Sahi’s direction. Mehwish Khan, Shahid Sharif, and Farhan Azhar are also named for the team. Likewise, Muhammad Khalid Jameel and Sadia Kamal will make up the third team. The purpose of this action is to help taxpayers, especially the ones who were unable to meet the first deadline on September 30. An extension till October 31st has been granted in this regard. The purpose of this postponement is to provide taxpayers with enough time to fulfil their obligations. Taxpayers will be shielded from fines and other legal repercussions in this way.
Read More: FBR Plans To Penalize On Cash Payments In The Real Estate Sector
As of September 30, enterprises, salaried individuals, and non-salaried individuals had contributed 0.8% more income tax returns for 2023 to the FBR. Compared to the 1.875 million returns filed during the same period of tax year 2022, it got 1.890 million returns by the previous deadline.
The FBR has put forth a proposal to raise the low tax-to-GDP ratio to 15% by the end of the fiscal year 2025, which would enable tax collection to reach Rs. 13 trillion within two years. A tax deficit of Rs. 5.6 trillion has been identified by the government and is a result of exemptions and low compliance. In addition, the interim government wants to raise an extra Rs. 5.6 trillion over the course of two years, with 68% of the funds coming from indirect taxes.
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