Wednesday, December 1, 2021

FBR to charge Rs1000 daily from late income tax filers

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ISLAMABAD: Federal Board of Revenue (FBR) will be charging Rs1000 on daily basis from taxpayers who will be filing their income tax returns after a now-expired deadline of October 15, ARY NEWS reported.

According to sources privy to the matter, the FBR has failed to achieve a target of increasing the number of taxpayers to 3.5 million despite extending the deadline once on the insistence of the traders.

“2.6 million income tax returns amounting to Rs48.6 billion were submitted with the FBR until October 15,” a spokesman for the tax collection body said while terming an increase by 45 percent in income tax returns and 65 percent in revenue collection.


He further said that now the late tax filers will have to submit an Rs1000 fine per day besides they could also be imprisoned for upto two years.

Read More: FBR TRACK AND TRACE SYSTEM TO MONITOR SUGAR MILLS: SHAHZAD AKBAR

The FBR shared that last fiscal year saw the submission of 1.8 million income tax returns along with a revenue collection of Rs29.6 billion.

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