100% increase in the number of tax return filers in the country
As the deadline for filing tax returns comes to a close today, the Federal Board of Revenue (FBR) has reported a significant 100% increase in the number of tax return filers compared to the previous year. This remarkable surge reflects a growing compliance among citizens and businesses alike, with a substantial amount of taxes collected so far.
Record Increase in Tax Return Filers
According to sources from the Federal Board of Revenue (FBR), the number of tax return filers has doubled compared to last year. As of today, 3.385 million people have filed their tax returns, showing a dramatic increase in compliance.
This uptick in tax returns could be attributed to various factors, including increased awareness, improved online filing systems, and efforts by FBR to encourage tax compliance across the country.
Breakdown of Tax Filers and Revenue Collection
Along with the increased number of returns, the FBR has successfully collected Rs. 5,549 crore in taxes so far. However, some noteworthy trends include:
- 37% of filers did not submit any tax along with their returns, reflecting either deductions, exemptions, or a lack of taxable income.
- The number of individuals declaring zero taxable income stands at 1.247 million, which is a significant portion of the total tax filers.
These statistics provide insight into the tax behavior of various sectors of society, including salaried individuals and businesses, and reflect the broader economic realities of the country.
Business Organizations Request for Deadline Extension
Despite the increased number of tax return filers, many business organizations have requested an extension of the tax return filing deadline. These organizations argue that the extension would allow more businesses to meet compliance requirements, especially those facing technical issues or time constraints.
In response to these requests, the FBR is reportedly considering extending the deadline to accommodate more filers. This decision is crucial as it can further enhance compliance while reducing potential penalties for late submissions.
Expected Decision on Deadline Extension
According to reliable sources, the decision regarding the extension of the tax return filing deadline is expected to be announced by this evening. If approved, this extension will provide relief to thousands of businesses and individuals who are still in the process of completing their returns.
The FBR’s decision will likely be influenced by the ongoing surge in return filings and the capacity of the tax system to handle further submissions.
Conclusion
The 100% increase in the number of tax return filers this year is a positive sign for the country's tax collection system and overall fiscal health. While some organizations are requesting a deadline extension, the significant rise in compliance reflects growing awareness and willingness among citizens to fulfill their tax obligations. The final decision on extending the deadline is expected soon and will play a vital role in determining the overall success of this year’s tax filing season.
FAQs
1. What is the percentage increase in tax return filers this year?
This year, there has been a 100% increase in tax return filers compared to the previous year.
2. How many people have filed tax returns so far?
As of today, 3.385 million people have filed their tax returns.
3. How much tax has been collected along with the returns?
The FBR has collected Rs. 5,549 crore in taxes along with the returns so far.
4. What percentage of filers did not submit any tax?
Approximately 37% of filers did not submit any tax with their returns.
5. Is there any expected extension in the tax filing deadline?
The FBR is considering extending the deadline for tax return submissions, with a decision expected by this evening.
6. Why are businesses requesting an extension?
Many business organizations are requesting an extension due to technical issues and time constraints, allowing them more time to comply with the tax filing requirements.
