ISLAMABAD – The Federal Board of Revenue (FBR) announced on Saturday that the number of returns filedfor the tax year 2020 has surged to around 2.9 million as of May 01, 2021, marking a substantial growth of 12 percent compared to the same period last year.
In a statement released by the FBR, the authorities highlighted the remarkable progress, emphasizing the significant strides made in expanding the taxpayer base. For the tax year 2019, the number of income tax return filers stood at 2.6 million on the equivalent date, illustrating a noteworthy 12 percent increase in the current tax year.
One of the most notable achievements is the substantial increase in revenue collection accompanying the rise in the number of return filers. According to the FBR, an impressive amount of Rs50.6 billion has been paid along with returns for the tax year 2020. This marks a remarkable 53 percent increase compared to the Rs33.1 billion paid during the same period last year.
This surge in revenue collection is indicative of the growing financial compliance among taxpayers, showcasing a positive trend in contributing to the national exchequer. The FBR’s efforts to enhance tax enforcement and streamline the tax collection process have evidently yielded fruitful results, as reflected in the increased contributions from individual and corporate taxpayers.
The growth in the number of return filers is a testament to the success of the FBR’s initiatives to encourage tax compliance and broaden the tax base. By surpassing the 2.9 million mark, the FBR is making significant strides toward its goal of fostering a culture of responsible fiscal citizenship.
The FBR’s commitment to simplifying tax procedures, introducing user-friendly online platforms, and conducting awareness campaigns has played a pivotal role in encouraging more individuals and businesses to fulfill their tax obligations. The positive response from taxpayers reflects a growing understanding of the integral role tax payments play in supporting government initiatives and public services.
The substantial increase in revenue collection is particularly noteworthy, as it provides the government with additional financial resources to address pressing economic challenges, invest in infrastructure, and fund essential public services. This boost in revenue is crucial for the economic development and stability of the country, especially in the face of ongoing global uncertainties.
The FBR’s success in achieving these milestones is a testament to its dedication to creating a transparent and efficient tax system. By leveraging technology and implementing strategic reforms, the FBR continues to position itself as a facilitator of economic growth while ensuring fair and equitable tax practices.
The Federal Board of Revenue’s announcement of reaching 2.9 million return filers for the tax year 2020, coupled with a substantial increase in revenue collection, signifies a significant achievement in bolstering the country’s fiscal landscape. The positive momentum indicates a growing sense of responsibility among taxpayers and underscores the success of the FBR’s initiatives in promoting tax compliance and expanding the tax base.
