The FBR received 86,035 tax returns last week, accompanied by penalty payments made after the October 31 deadline.
For the 2024 tax year, tax payments filed with returns reached Rs132.259 billion by November 6, showing a 71.47% increase compared to Rs77.132 billion during the same period last year.
To facilitate taxpayers, the FBR extended the tax return deadline twice. According to the income tax ordinance, the original deadline for filing tax returns is September 30.
In tax year 2023, the FBR received a total of 6.695 million income tax returns. Between July 1 and November 6, 2024, the FBR recorded 1.346 million new returns, enrolling 660,000 new filers during the same period.
The FBR highlighted a significant rise in the total number of returns compared to the previous year. However, there was a notable increase in nil-filers for the 2024 tax year. Nil returns are often submitted for one-time financial transactions or to benefit from reduced tax rates to be included on the Active Taxpayers List (ATL).
Between July 1 and November 6, 2.051 million nil-filers were recorded, representing 39% of all submitted returns. This is an increase from 2023, when 1.036 million nil-filers made up 35% of total returns.
As part of the FBR’s transformation plan, a proposal was made to restrict non-filers from participating in financial or investment activities, and to impose travel restrictions, except for religious trips like Haj and Ziarat.
The proposed plan categorizes taxpayers into three tiers based on the amount declared. Non-filers would be prohibited from purchasing cars, real estate, financial instruments, or opening bank accounts, except for Asaan Accounts.
Taxpayers declaring an income above Rs10 million qualify for full benefits in the top tier of financial transactions, while those with earnings below Rs10 million would need to provide proof of income sources when purchasing assets.
