ISLAMABAD: The Federal Board of Revenue (FBR) will charge Rs1000 on a daily basis to taxpayers who file their tax returns after a now expired October 15 deadline, ARY NEWS reported.
According to sources familiar with the matter, the RBF failed to meet the goal of increasing the number of taxpayers to 3.5 million despite an extension of the deadline once at the insistence of traders.
“2.6 million income tax returns amounting to Rs 48.6 billion have been submitted to RBF through October 15,” said spokesperson for tax collection agency , citing a 45% increase in income tax returns and 65% in revenue.
FBR received a record 2.6 million returns and Rs. 48.6 B in tax paid with returns against 1.8 million returns and 29.6 B in tax paid with returns as of the date of closing on December 8, 2020. This means 45% growth in tax filing while 64% growth in taxes paid with returns.
– FBR (@FBRSpokesperson) October 15, 2021
He added that now late filers will have to submit a fine of Rs1000 per day and that they could also be jailed for up to two years.
Read more: FBR TRACK AND TRACE SYSTEM FOR MONITORING SUGAR MOLDS: SHAHZAD AKBAR
The RBF shared that the previous fiscal year saw the submission of 1.8 million tax returns as well as a revenue collection of 29.6 billion rupees.
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