The annual tax collection target of FBR envisaged Rs12,970 billion, which was approved by parliament (Rs12,913 billion).
FBR confirms no extension for filing income tax returns for FY 2024. The Federal Board of Revenue (FBR) has announced that there will be no extension for submitting income tax returns for the fiscal year 2024.
In a statement issued by the FBR, it was clarified that reports circulating in various media about an extension for the submission of income tax returns are untrue.
The announcement urged all taxpayers to file their income tax returns promptly to avoid penalties and fines.
Previously, sources indicated that a one-month extension for filing income tax returns might be possible due to system overload preventing citizens from filing returns.
According to FBR sources, only salaried individuals are managing to file tax returns under the current system, while those with heavy data or large files are facing processing difficulties.
So far, more than 3.5 million individuals have submitted their income tax returns. It is important to note that the FBR has set September 30 as the deadline for tax return submissions.
Tax shortfall fears
Earlier this month, the FBR has proposed drastic measures to avoid a possible shortfall in tax collection including freezing bank accounts and imposing a ban on the purchase of property and vehicles for tax evaders in Pakistan.
Sources said that an internal assessment of the FBR has shown a tax shortfall of over Rs220 billion for the first quarter (July-September) against the agreed target of Rs2,652 billion.
The authority faced a shortfall of Rs98 billion in August 2024. The FBR had collected Rs1,456 billion in the first two months (July and August) against the assigned target of Rs1,554 billion leaving the body with the challenging task of fetching Rs1,196 billion during the ongoing month to materialise the first quarter agreed target with the International Monetary Fund (IMF).
The annual tax collection target of FBR envisaged Rs12,970 billion, which was approved by parliament (Rs12,913 billion).
