New and effective policies increase Pakistan’s income-tax return filing by 43%

0.74 million new return tax-filers have been registered.

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  • Due to FBR policies, Pakistan’s income-tax return filing increases by 43%.
  • 0.74 million new return tax-filers have been registered.
  • Taxes collection during the month of July 2019 by the IR-Operations Wing stands at Rs. 234 billion.

income-tax-return

Due to the economical, suitable and swift tax reforms imposed by the current government, the income return filing base has expanded by 43% to 2.5 million filers, 0.74 million new return tax-filers have been registered till the late date, as revealed by official data.

Economic professionals believe that the country is in need to expand its tax base so that they can afford the expenditures and run affairs of the state without any kind of difficulty or hindrance. It was due to the government of Pakistan increasing the revenue collection target to Rs. 5.55 trillion for the fiscal year 2019-20.

A number of measures in the federal budget and the Federal Board of the Revenue (FBR) also worked on coming up with strategies to bring as many people as they possibly can into the tax web.

Tax collection goes up by 60%:

In quite an optimistic and positive progress, Federal Board of Revenue (FBR) under the incumbent government has increased tax collection by 60 percent. The department has increased the collection of IR (Inland Revenue) domestic taxes along with broadening of the tax base (Inland Revenue Policy) has also achieved 99.2% of its target for the month of July.

Taxes collection during the month of July 2019 by the IR-Operations Wing stands at Rs. 234 billion compared to the target of Rs. 236 billion. The figures show that the wing was able to achieve 99.2% of the assigned target.

The filing of returns of income for the tax year 2018 has touched an optimistic 2,404,371, compared to 1,486,756 returns filed in the previous tax year of 2017, showing a growth of 62 % in the last one year.

During the fiscal year 2018-19, the figures for new taxpayers filing their income tax returns is 348,140, as compared to 146,096 filed during 2017-18, showing an increase of 137%.


Also See: FBR To Revise Definition Of Non-Resident Pakistanis To Increase Tax Collection

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