Record 1.8 million returns filed with Rs22 billion income tax

Record 1.8 million returns filed with Rs22 billion income tax

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Islamabad: The total number of declarations received by the Federal Revenue Board (FBR) reached a record 1.8 million, and the highest income tax amount was 22 billion rupees at the time of declaration. Last year, at this time, 1.73 million declarations were submitted, and the FBR issued a statement stating that 13.5 billion rupees were deposited as income tax. Relatively speaking, the income increased by 4% and the tax registration increased by 63%.

It is important to note that the government has decided not to extend the deadline of December 8, 2020, in order to restore the credibility and predictability of the deadline and to promote tax discipline.

However, in order to ensure that taxpayers will not encounter difficulties, many special measures have been taken, including freely accepting extension requests for the application date according to the law, and manual submission of requests in addition to online facilities, so that tax practitioners/consultants can proceed Multiple customers make a single request; enabling the chief specialist to set up a special service desk to collect manual requests and classify their jurisdiction at their level.

The above measures encouraged many taxpayers to submit extension requests, which were approved. It is estimated that at least 300,000 taxpayers have used this tool, so the potential return has reached 2.1 million, an increase of 21% from last year.

The board clarified that the submission process is still continuing. When the deadline is June 30, 2020, the final return is compared with last year’s return, and it will make sense when the additional return amount to be submitted on June 30, 2021 is available.

The board praised the determination of taxpayers and the support of members from tax lawyers associations across the country who made record returns and income tax payments possible.

The results show that the decision not to allow general extensions on the final date will go a long way in rebuilding the much-needed trust and credibility of the tax system.

The board of directors also decided to take immediate action against taxpayers who have neither filed their tax returns nor sought an extension of permission.

The statement added that the FBR achieved this achievement only because of the unremitting efforts of its chairman, members, its department composition and the new IT team to ensure that there are no major problems with its automated tax filing system. It said that FBR is working in accordance with the Prime Minister’s vision, and the Prime Minister’s vision puts the automation of all FBR processes first.

The guidance and support provided by PM’s financial and SAPM revenue consultants also played an important role in documenting this performance.

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