ISLAMABAD, Oct 01 (NNI): Federal Board of Revenue (FBR) has extended final date for filing income tax returns for fourteen days, now taxpayers can file their tax returns until Oct 14, 2024.
Initially, Federal Board of Revenue strongly rejected all the announcements on social media and said that there is no proposal under consideration for extension in last date for filing for filing income tax returns.
The FBR had warned non-filers that it would not allow any extension in the Sept. 30 deadline to file income tax returns for the tax year 2023-24.
But on the 11th hour FBR decided to extend last date for filing income tax returns and enable taxpayers to file tax returns until October 14.
“The FBR made the decision in view of requests from various trade bodies, Tax Bar Associations and general public,” the board said in a notification.
Pakistan has one of the lowest tax ratios in the world, according to the World Bank. The South Asian country’s failure to generate tax revenues in higher amounts stems from the fact that it has a narrow tax base, low compliance rate, an inefficient tax administration and massive tax evasion, the international financial institution has said.
The International Monetary Fund (IMF) last week approved a $7 billion loan for Pakistan, critical for the South Asian country to meet its external financial obligations and strengthen its national currency. One of the key demands of the IMF from Pakistan has been to improve its tax administration and broaden its tax base.
Pakistan aims to collect an ambitious $46 billion through taxes this financial year. Authorities have identified 4.9 million taxable persons in the country by using modern technology.
The present government has used unusual methods in the past, including blocking 210,000 mobile connections, to compel people to file their tax returns. The finance minister warned that non-filers will be deprived of certain facilities to encourage them to become part of the tax net.
“Non-filers will not be able to buy vehicles, won’t be able to buy properties, won’t be able to [access] current bank accounts and mutual funds and will face a lot of problems with cash deposits and withdrawals,” he said. NNI
