The Federal Board of Revenue (FBR) has extended the date for filing income tax returns till 15th December. Previously, the date has been extended two times; first the board extended the date till 30th September but due to constant requests from individuals and companies, the date was extended till 30th November. “Last date for filing of Tax Returns has been extended by the Government of Pakistan by 15 days to 15th December 2022,” the finance minister tweeted.

People are Advised to File their Income Tax Returns as Early as Possible

The government said that the deadline has been extended, keeping in view the requests from various trade bodies, Tax Bar Associations, and flood-affectees. The finance minister has urged the people to file their tax returns as early as possible in order to avoid any penal actions.

The FBR has also made a statement in this regard, saying that it has extended the date for filing returns in the exercise of the powers conferred under section 214A of the Income Tax Ordinance 2001. The experts were of the view that the tax collecting body should have resolved the matter under Section 7E of the Income Tax Ordinance, 2001, before setting a deadline for return filing.

Tax Collection Exceeded the Predicted Target

It was reported that the tax collection exceeded the target of Rs2,680 billion for five months of the current fiscal year and the Rs537 billion target set for the month of November. It is considered a surprising development as the tax collection rose despite the import bans and issues related to petroleum products. The tax collection in November clocked in at Rs538.2 billion over the collection of Rs480 billion in the same month of last year, a rise of 11.5%.

Also read: Government to Slap More Taxes as IMF Board Meeting Closes in

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