FBR Misses Q1 Revenue Target; Extends Tax Return Deadline to October 15
ISLAMABAD — Pakistan’s Federal Board of Revenue (FBR) fell short of its first-quarter revenue target, collecting Rs2,885 billion against a goal of Rs3,083 billion, missing the mark by Rs199 billion. During the same period, the FBR also issued refunds totaling Rs157 billion.
Breaking down the collections, Rs1,395 billion came from income tax, Rs1,130 billion from sales tax, Rs190 billion from federal excise duty, and Rs324 billion from customs duty. Officials noted that recent floods contributed to an estimated Rs60 billion shortfall in tax revenue.
In a move welcomed by taxpayers, the FBR has extended the deadline for filing Income Tax Returns to October 15. Earlier, the last date was September 30. According to FBR sources, around 400,000 people have already submitted their returns.
Taxpayers can file their returns quickly using the simplified Income Tax Return form available on the FBR website. The extension comes in response to repeated requests from the business community, which had urged the government to provide more time to comply with the filing requirements.
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