FBR Extends Tax Collection Hours Ahead of FY24 Deadline

FBR Extends Tax Collection Hours Ahead of FY24 Deadline

Islamabad, June 25, 2024 – The Federal Board of Revenue (FBR) has announced special measures for tax collection during the final days of the fiscal year 2023-24, aiming to maximize revenue collection before the financial year concludes on June 30, 2024.

In an official communication issued on Tuesday, the FBR instructed all Large Tax Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs), and Regional Taxpayers Offices (RTOs) to operate with extended working hours and remain open on weekly holidays for tax collection. The specific operational hours are as follows:

• Friday, June 28, 2024: Offices will remain open until 8:00 PM.

• Saturday, June 29, 2024: Extended working hours until 6:00 PM.

• Sunday, June 30, 2024: Offices will operate until 12 midnight.

These extended hours are part of the FBR’s efforts to ensure maximum collection of duty and taxes before the fiscal year ends. The decision underscores the FBR’s commitment to meeting revenue targets and fulfilling financial obligations for the fiscal year.

The FBR has instructed Chief Commissioners of Inland Revenue to establish close coordination with the State Bank of Pakistan (SBP) and designated branches of the National Bank of Pakistan (NBP). This coordination aims to facilitate the timely transfer of tax collections from these branches to respective SBP branches on the same day. This ensures that all tax receipts collected are accounted for in the month of June 2024.

Moreover, the FBR has emphasized meticulous monitoring of tax collections to ensure that every Payment Slip ID (PSID) is properly recorded and accounted for. Any discrepancies or oversights that lead to spill over of tax collections into the next financial year will be scrutinized closely and viewed adversely by the authorities.

The directive highlights the urgency of achieving fiscal targets and maintaining financial discipline within the tax collection framework. By extending operational hours and utilizing weekends for tax collection, the FBR aims to streamline the process and enhance efficiency in revenue collection efforts.

The FBR’s proactive measures align with broader fiscal policies aimed at bolstering revenue generation and sustaining economic stability. These efforts are crucial as Pakistan navigates through economic challenges and strives to meet its financial commitments amidst evolving global and domestic economic dynamics.

As the fiscal year draws to a close, stakeholders and taxpayers are urged to cooperate with the FBR’s directives to facilitate smooth and efficient tax collection operations. The adherence to these guidelines will contribute to achieving fiscal goals and supporting Pakistan’s economic resilience in the upcoming financial year.