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Only 1.7 million out of 6.4 million taxpayers filed returns this year

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Only 1.7 million out of 6.4 million taxpayers filed returns this year

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What happened :

The last date to file tax returns for this year has passed, and the FBR in a shocking statement announced that less than 1% of the population opted to file their tax returns. A total of 1.7 million tax returns were received by the Federal Board of Revenue (FBR) accounting for Rs 19.5 billion in tax payments.

Furthermore the tax authority also confirmed that strict actions and legal penalties will be imposed on National Tax Number (NTN) holders who failed to register their tax returns.

A deadline extension, however, will still be given to those willing to file through either online or manual applications. So far a total of 11, 200 applications have been completed and this extension was given due to the Covid -19 pandemic.

The background :

The FBR had received a whopping total of 2.7 million income tax returns in the last fiscal year. For the current fiscal year, the FBR has so far received over 1.7 million returns and it was expecting over one million returns would be filed through individual requests.

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