Islamabad: The Federal Board of Revenue (FBR) registered a 45% increase in annual income tax returns collected from salaried and non-salaried individuals, associations of persons and companies in the tax year (2020-21) as compared to the same period last year, news sources reported.
Overall, the board received a total of 2.562 million returns until the returns submission deadline of October 15, compared to 1.772 million returns received last year when the deadline expired on December 8. In terms of the number of individual filers that submitted returns, the tax year 2021 saw a 44.4% rise, with 2.487 million persons filing as compared to 1.723 million who filed the previous year.
As per the data released, the board received 64% more taxes in the current fiscal year with PKR 48.47 billion in tax returns from PKR 29.56 billion submitted the previous year. There was a 38.5% increase in tax received with individual returns totalling PKR 20.75 billion collected this year as against PKR 14.98 billion generated over the corresponding period of last year A 54% increase was shown in the number of tax returns submitted by associations of persons with 65,463 associations filing tax in 2021 against 42,454 filed last year.
The total tax filed is PKR 4.685 billion, a 92.6% increase over the previous year’s total of PKR 2.432 billion. In a similar growth trend, 31.8% more companies (totalling 9,240 companies) filed the returns until the last date of October 15 as compared to 7,007 companies last year. However, the last date for filing corporate returns is set to expire on December 31. As of now, corporate taxes recorded a growth of 89.6% with a total of PKR 23.02 billion generated this year against PKR 12.14 billion of the last year. The FBR characterised the extraordinary rise as a restoration of consumer trust in the FBR, made possible by the successful use of social and print media to stress the significance of tax culture.