FBR Collects Extra Rs. 47.4 Billion With 2.47 Million Tax Returns
The Federal Board of Revenue has collected income tax of Rs. 47.4 billion until now, while a total of 2.475 million income tax returns have been filed for the tax year 2021 so far.
Official sources told ProPakistani that the Federal Board of Revenue (FBR) has collected Rs. 47.4 billion through 2.475 million income tax returns that were filed until 15 October.
According to the FBR’s data, the returns filed on the same date last year were 513,000, and the tax paid with the returns was Rs. 9.8 billion. The previous data that was released a few weeks ago showed that the FBR had already squeezed past its tax collection target for Q1 FY 2021-22, posting a growth of 38 percent year-over-year by collecting a total of Rs. 1,391 billion in taxes.
Yesterday, sources told ProPakistani that the FBR will earn an additional Rs. 27 billion from the withdrawal of concessionary sales tax rates on mobile phones under the government’s ongoing exercise of withdrawal of sales tax exemptions during 2021-22.
The government will also impose a 17 percent sales tax on cellular mobile phones in CKD/CBU form under the Ninth Schedule of the Sales Tax Act, 1990. All these taxation measures are part of the exercise to generate additional revenue of Rs. 330 billion from the withdrawal of exemptions during the current fiscal year.
The FBR has advised the nation to file their returns without delay as the deadline is 15 October. In order to facilitate taxpayers, it has enhanced the capacity of its IT System so that the IRIS software continues to work properly.
Source: Pro Pakistani