ISLAMABAD: The Federal Board of Revenue (FBR) received 5.215 million returns for the tax year 2024 until Nov 6, an increase of 76 per cent over the 2.959m received during the same period last year.
The FBR received 86,035 returns last week, with penalty payments submitted beyond the Oct 31 deadline.
The tax payment with returns for tax year 2024 reached Rs132.259 billion until Nov 6, compared to Rs77.132bn in the same period last year, representing a 71.47pc increase.
To make it easier for taxpayers to file their returns, the FBR has extended the deadline twice. According to the income tax ordinance, the deadline for submitting tax returns is Sept 30.
In TY23, the FBR received a total 6.695m income tax returns. According to the data, the FBR received 1.346m new returns between July 1, 2023 and Nov 6. The tax authorities enrolled 660,000 new return filers from July 1-Nov 6, 2024.
The FBR’s major accomplishment is that the quantity of overall returns has increased significantly since last year. However, the plight of nil-filers experienced a tremendous rise in TY2024. The nil returns are submitted for one-time financial transactions or to take advantage of lower tax rates for placement on the Active Taxpayers List (ATL).
From July 1 to Nov 6, the number of nil-filers was 2.051m, accounting for 39pc of all returns submitted. In the tax year 2023, there were 1.036m nil-filers, accounting for 35pc of total returns filed (1.036m).
Under the FBR transformation plan, it was proposed that non-filers be prohibited from engaging in any financial or investment activities and that there be a travel restriction except for Haj and Ziarat trips.
The proposed approach has three tiers based on the amount filed. Non-filers cannot acquire cars, immovable property, financial instruments, or open bank accounts except the Asaan Account.
Those who have claimed an income of over Rs10m are eligible for all of the benefits in the first category of financial transactions. However, those who earn less than Rs10m must explain income sources for asset buying.
Published in Dawn, November 8th, 2024
