Islamabad: According to news reports, the Federal Board of Revenue (FBR) reported a 57 percent increase in the number of individual income tax filers in the tax year 2020 (TY-20) compared to the previous year’s numbers.
Corporate tax returns have also increased by 40.3 percent, according to statistics released on Wednesday, followed by the Association of Persons (AoPs) with a 26.7 percent increase over data received in 2017.
Adjustments in tax filing with returns have also increased significantly, according to the report. Individuals who paid with return saw the biggest increase of nearly 75%, followed by AOPs at 63.2 percent and companies at around 27%. Similarly, the cumulative rate of individual tax filing has climbed to 49.3 percent, up from 26.3 percent in TY-17, according to the report.
While corporate tax returns declined in actual revenue terms, AoP’s percentage of total tax paid increased somewhat to 8.9% from 5.5 percent. However, the number of firms that submitted returns increased from 39,944 in 2017 to 56,055 in 2020 during the same time period.
Moreover, FBR also reported that they have collected PKR 80.1 billion during 2020-21 from income tax demands which are 31% higher than the previous fiscal year.