Islamabad: According to news reports, the Federal Board of Revenue (FBR) collected 45 percent more yearly income tax returns from paid and non-salaried individuals, associations of persons, and businesses in the tax year (2020-21) than in the previous year’s similar period.
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Overall, the board received 2.562 million returns until the deadline on October 15, compared to 1.772 million returns received the previous year when the time expired on December 8. In terms of individual filers, the tax year 2021 saw a 44.4 percent increase, with 2.487 million filing compared to 1.723 million the previous year.
According to the figures presented, the board received a total of PKR 48.47 billion in tax returns in the current fiscal year, up from PKR 29.56 billion the previous year. Individual returns totaled PKR 20.75 billion this year, up from PKR 14.98 billion the previous year, indicating a 38.5 percent increase in tax revenue.
The number of tax returns filed by associations of persons increased by 54% in 2021, with 65,463 filing tax returns compared to 42,454 the previous year.
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The total amount of tax filed is PKR 4.685 billion, up 92.6 percent from PKR 2.432 billion the previous year. In a similar trend, 31.8 percent more businesses (totaling 9,240 businesses) filed taxes until the deadline of October 15 this year, compared to 7,007 businesses last year.
The deadline for filing corporation returns, on the other hand, is December 31. Corporate taxes have increased by 89.6% this year, with a total of PKR 23.02 billion generated compared to PKR 12.14 billion the previous year. The exceptional rise was characterised by the FBR as a restoration of consumer trust, made possible by the effective use of social and print media to emphasise the significance of the FBR.
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