FBR extends income tax returns filing date once again

ISLAMABAD: The Federal Board of Revenue (FBR) has extended the date for filing income tax returns for the third time till December 15.

The deadline has been extended keeping in view the requests from various trade bodies, Tax Bar Associations and flood-affectees. 

The news was announced by the Federal Minister for Finance and Revenue Ishaq Dar via a video message.

It should be noted that this is the third extension. Earlier, the board extended the date for filing income tax returns for individuals and companies till October 31, however, following receipts of constant requests the Ministry of Finance decided to extend the date to November 30.

During the televised message, the fiance minister urged the people to file their tax returns in order to avoid any penal actions. 

Tax collection exceeds targets

It was also learnt that the tax collection exceeded the target of Rs2,680 billion for five months of the current fiscal year 2022-23 and the Rs537 billion target set for the month of November.

Tax collection rose despite import compression and zero rating on petroleum products.

As per provisional figures, the FBR collected Rs2,688 billion compared to Rs2,330 billion collected during the corresponding period of the previous year, up by 15.3%.

FBR has also issued refunds to the tune of Rs135 billion as against Rs124 billion issued last year. Collection of direct tax registered maximum growth of 43%.

Tax collection in November clocked in at Rs538.2 billion a rise of 11.5% over the collection of Rs480 billion in the same month of last year.