Pakistan's tax returns up by 76 percent in 2024

ISLAMABAD: The Federal Board of Revenue (FBR) has released updated statistics on tax returns for the current year 2024, ARY News reported on Friday.

As of November 6, a total of 5.215 million tax returns have been submitted. In the same timeframe last year, the FBR received 2.959 million tax returns.

This indicates a 76 percent increase in tax return submissions compared to the previous year. For the fiscal year 2024, 2.051 million returns have been filed.

During the same period last year, there were 1.036 million new returns filed. It was projected that there would be an additional 3.692 million returns filed last year.

As part of ongoing efforts, over 132 billion new tax returns have been recorded. In the prior year, the total tax filings during this period amounted to approximately 77 billion and 1.3 crore.

Also read: FBR expedites action against tax evader companies, individuals

From July one to November  six, 660,000 new return filers have been registered.

Last year, the figure for new returns filed during this period reached 1.346 million.

On the other hand, the Federal Board of Revenue (FBR) ruled out extension in the deadline of filling income tax returns.

After two extensions, the FBR denied any further extension in the deadline, which expired on (October 31).

Earlier, FBR emphasized that individuals earning Rs50,000 per month are required to submit income tax returns. Those failing to do so will be classified as non-filers or late filers.

Non-filers will face restrictions on international travel, their mobile phone SIM cards will be blocked, and their electricity and gas services may be disconnected, the body officials said.