Islamabad: The Federal Board of Revenue (FBR) on Thursday (September 30) extended the deadline to file income tax returns by 15 days, news sources reported. The new deadline is set to expire on October 15.
According to an FBR spokesperson, the extension was granted due to a (now-resolved) technical problem in the FBR’s IRIS E-filing system, and due to the popular demand from traders and businesses from all over the country. In addition, the FBR released data on income tax returns submitted by September 30, which totalled PKR 1.850 million so far. The board also released tax collection figures for the first quarter of the current fiscal year, which shows an increase of 38% compared to the same period last year.
The data released by the apex tax agency showed a total tax revenue collection of PKR 1.395 trillion, a PKR 186 billion increase from the set target of PKR 1.211 trillion for the first quarter of fiscal year (FY 2021-22). In September alone, the tax collection rose by 31.2% as compared to the tax collection in the same period last year. As per the board’s information, the major share of taxes was collected from the import sector that contributed 52%, while the taxes from other sectors was 48% of the total collection. According to the FBR, the government has set a total target of PKR 5.829 trillion for the fiscal year 2021-22.