FBR records show incredible increase in tax filing this year

As per the new figures, Tax returns filed so far (till October 25) stood at 918,027.

 

filing

According to the Federal Board of Revenue’s records, the tax filing has been an incredibly sharp increase this year so far. The figures were shared by FBR Chairman Shabbar Zaidi in a tweet.

As per the new figures, Tax returns filed so far (till October 25) stood at 918,027. Tax returns filed during the same span (as of October 25, 2018) last year were 585, 209.

The average tax returns filed on a daily basis were numbered at 18,735 during the ongoing fiscal year. If we compare it with the figures for the same period last year, a visible significant difference can be seen. As of 2018, the tax returns filed amounted to 8242. A noticeable increase of 127 percent was seen.

Here are the figures shared by Shabbar Zaidi:

Tax Filers Increase By 43% To 2.63 Million In the Year 2018:

As per the data released on Monday, the number of returns filing for the tax year 2018 increased 43% year-on-year to 2.63 million, as due to the high withholding tax on non-filers, they had to appear inactive taxpayers list (ATL).

FBR (Federal Board of Revenue) statistics showed that the annual income tax returns for the year 2018 increased to 43%, as compared to the 1.84 million returns received during the tax year 2017. The FBR sources stated that although the due date for the tax year 2019 has been announced, people are filing their income tax returns for the tax year 2018 with a late addition to avoid a 100% withholding tax rate on financial transactions.

The present ATL (for the tax year 2018) will be in application till 29th February 2020 and new ATL for the tax year 2019 will be issued in the month of March of 2020.

FBR Issued Tax Notices To 134, 848 High Net-Worth Individuals Across The Country:

Federal institution the Federal Board of Revenue has served tax notices to 134,848 high net-worth individuals. These notices were issued all across Pakistan to prevail these people to e-file income tax returns for 2019.

Broadening of Tax Base (BTB) was created at the regional tax offices of Lahore, Islamabad, and Karachi. Tax notices were sent by these zones to unregistered people. The main purpose of these zones is to bring all unregistered citizens into the tax net. (READ HERE)

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