FBR Grants 15-Day Extension in Income Tax Returns Deadline
Islamabad: According to news sources, the Federal Board of Revenue (FBR) has extended the deadline for filing tax returns by 15 days. The revised deadline will expire on October 15.
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According to an FBR representative, the extension was granted due to a (now-resolved) technical issue with the FBR’s IRIS E-filing system and widespread demand from traders and businesses across the nation.
In addition, the FBR published data on income tax returns submitted by September 30, totaling PKR 1,850 million. The board also disclosed tax collection statistics for the first quarter of the current fiscal year, which indicate a 38% rise compared to the same period in the previous fiscal year.
The federal tax office reported a total tax revenue collection of PKR 1.395 trillion, an increase of PKR 186 billion from the target of PKR 1.211 trillion for the first quarter of the fiscal year (FY 2021-22).
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In September alone, tax revenue increased by 31.2% compared to the same month of the previous year.
The majority of taxes were collected from the import sector, which contributed 52%, while taxes from other sectors accounted for 48% of the overall collection. According to the FBR, the government has set a total target for the fiscal year 2021-22 of PKR 5,829 trillion.
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