Islamabad: According to press reports, the Federal Board of Revenue (FBR) extended the deadline to file income tax returns by 15 days on Thursday (September 30). The revised deadline will be on October 15th.
The extension was granted due to a (now-resolved) technical fault with the FBR’s IRIS E-filing system, as well as popular demand from traders and enterprises across the country, according to an FBR representative. The FBR also provided information on income tax returns filed by September 30 that totaled PKR 1.850 million so far.
The board also announced tax collection numbers for the first quarter of this fiscal year, which indicate a 38 percent rise over the previous quarter.
According to the data issued by the apex tax agency, overall tax income collection for the first quarter of fiscal year was PKR 1.395 trillion, up PKR 186 billion from the target of PKR 1.211 trillion (FY 2021-22). Tax collections increased by 31.2 percent in September compared to the same month previous year.
According to the board’s data, the import sector collected the most taxes, accounting for 52 percent of the overall collection, while taxes from other sectors accounted for 48 percent. The government has set a total target of PKR 5.829 trillion for fiscal year 2021-22, according to the FBR.