Islamabad: The Federal Board of Revenue (FBR) has registered 1.079 Million taxpayers in the past four years, which is a sizable figure, according to the most recent data. According to information provided by FBR, the agency gained 1.079 million new taxpayers in total between FY20 and FY23 utilizing a variety of techniques, including automated data sharing, ICT-based business intelligence tools, surveys, and enforcement. This is one of the most significant breakthroughs made by FBR since it will support economic growth and help the Pakistani government address its fiscal issues.
Below are the details of taxpayers in the past 4 years:
- In Fiscal Year 2020, 121,063 taxpayers were registered.
- In Fiscal Year 2021, a total number of 97,819 people were added as taxpayers.
- In Fiscal Year 2022, a total of 243,795 new taxpayers were successfully added by FBR
- In Fiscal Year 2023, a total of 616,517 taxpayers were added by FBR
With more taxpayers, stronger economic growth prospects are more likely, which will eventually be advantageous for the nation as it faces economic difficulties. Additionally, FBR hopes to increase the total number of taxpayers by 0.5 million during the current fiscal year. This program is anticipated to increase the FBR’s ability to collect taxes, broaden the tax base, and promote economic growth.
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The document states that from 7.9 million in June 2022 to 9.8 million in June 2023, there were registered income taxpayers. The total number of compliant taxpayers, also known as active income taxpayers, from July 2022 to June 2023 was 4.4 million. 2.3 million of the 4.4 million taxpayers submitted tax returns and made tax payments.
FBR extended the deadline for filing to October 31, 2023 after receiving 1.93 million tax returns as of September 30, 2023. Since the country won’t need to borrow money from the International Monetary Fund (IMF), the increase in tax revenue will aid in stabilizing the economy.
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