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.
FBR has received record high 2.6 M returns and Rs.48.6 B tax paid with returns as against 1.8 M returns and 29.6 B tax paid with returns on closing date, 8th Dec.2020. This signifies 45% growth in filing of tax returns while 64% growth in tax paid with returns.
— FBR (@FBRSpokesperson) October 15, 2021
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.
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.