The Federal Board of Revenue (FBR) reported a record 4.821 million income tax returns filed for the 2024 tax year as of October 26. This is a significant increase of 2.4 million returns compared to the previous year’s 2.407 million returns by the same date.
This rise has also brought in Rs. 123 billion in tax revenue, more than double the Rs. 56.55 billion collected by this time in FY2023. Notably, over half a million returns (528,638) are from new filers, contributing to this substantial growth.
The deadline for income tax filing, which has already been extended to October 31, is unlikely to be pushed further. The FBR has warned taxpayers to meet their obligations promptly to avoid penalties. The previous deadline extension, granted on October 14, was aimed at giving taxpayers more time to complete their filings.
With the deadline fast approaching, the FBR is urging taxpayers to take advantage of the extension to avoid late fees. This will help maintain the momentum in revenue collection and compliance in Pakistan’s changing tax landscape. The FBR emphasizes the importance of timely filing to support the country’s financial health and ensure compliance with tax laws.
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