By Staff Reporter
ISLAMABAD: The Federal Board of Revenue (FBR) has pushed back the deadline for filing income tax returns by two weeks to Oct. 14, as it struggles to meet its tax collection targets, already facing a shortfall of Rs87 billion in the first quarter.
“…the date of filing of Income Tax return for the Tax Year (TY) 2024, for the persons who are required to file their returns by September 30, 2024 is hereby extended up to October 14, 2024,” FBR stated in a circular issued late Monday.
Trade bodies and tax bar associations also requested an extension of the tax filing deadline.
The move comes as the FBR faces a massive shortfall in tax collection for the July-Sept quarter, despite Rs1.8 trillion in taxation measures in the 2024-25 budget.
The FBR collected Rs2,452 billion against the assigned target of Rs2,539 billion set for the first quarter. However, it met its monthly target of Rs985 billion for September by collecting a net revenue of Rs996 billion. The authority has reported a Rs98 billion shortfall in tax collection for the first two months of 2024-25.
Tax returns filed for Tax Year 2024 totaled 3.6 million, with 1.3 million nil-filers, up from 1.9 million returns filed in the same period last year. Total returns for Tax Year 2023 were 6.2 million.
Registrations from July 2023 to date stood at 825,257, including 497,092 nil-filers, while July 2024 registrations totaled 340,473, including 237,237 nil-filers.
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