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FBR Registered a 45% Increase in Income Tax Returns in 2021

According to news sources in Islamabad, the Federal Board of Revenue (FBR) collected 45% more annual income tax returns from paid and non-salaried individuals, associations of persons, and corporations during the tax year (2020-21) compared to the same period the previous year.

By the 15th of October, the board had received 2,562 million tax returns, compared to 1,772 million by the 8th of December the previous year. For the tax year 2021, the number of individuals filing tax returns jumped by 44.4%, from 1.72 million to 2.48 million.

According to publicly accessible data, the board collected 64% more taxes in the current fiscal year, with tax returns totaling PKR 48.47 billion compared to PKR 29.56 billion in the previous fiscal year.

Read More: PTA Bans Illegal Housing Schemes from Social Media Advertising

The total amount of tax returns filed is PKR 4,685 billion, a 92.6% increase from the previous year’s total of PKR 2,432 billion. Currently, corporate taxes have grown by 89.6%, from PKR 12.14 billion last year to PKR 23.02 billion.

The FBR regarded the extraordinary increase as a revival of consumer confidence, which was made possible by the efficient use of social and print media to emphasize the importance of tax culture.

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