Karachi, December 30, 2024 – With the deadline for filing income tax returns rapidly approaching, the Federal Board of Revenue (FBR) has issued a final call for companies to submit their annual income tax returns for the tax year 2024 before December 31, 2024.
As the cutoff date draws near, the FBR has ramped up its efforts to ensure timely compliance, urging taxpayers to act swiftly and fulfill their tax obligations.
In an effort to remind taxpayers of the looming deadline, the FBR has dispatched a series of emails and SMS notifications, urging corporate entities to file their returns without delay. Recognizing the volume of filings, the FBR has made special provisions to facilitate the timely collection of duties and taxes during the final days of December. These measures include extended working hours for tax offices to accommodate the last-minute rush.
In an official notification released on Monday, the FBR outlined directives for Inland Revenue offices across the country to extend their operational hours in a bid to assist taxpayers in meeting the critical deadline. The Chief Commissioners of Large Taxpayer Offices (LTOs), Medium Taxpayer Offices (MTOs), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs) have been instructed to keep their offices open until 7:00 PM on December 30, 2024, and until 10:00 PM on December 31, 2024. This extended schedule is designed to offer businesses a final window for filing their returns and addressing any outstanding tax liabilities.
The FBR’s move comes at a time when the Board is under considerable pressure to meet its ambitious revenue collection targets for the period ending December 31, 2024. To mitigate any disruptions in the tax filing process, the FBR had previously directed tax offices to remain open over the weekend, treating December 28 and December 29 as regular working days, thereby ensuring uninterrupted tax collection efforts.
The extension of working hours is not only aimed at achieving the FBR’s revenue objectives but also at alleviating the burden on corporate taxpayers. By offering businesses more time and resources to file their returns, the FBR hopes to encourage compliance and smoothen the tax payment process, particularly for companies that may face challenges in meeting the strict deadline.
Sources within the FBR emphasized that all companies registered with the Securities and Exchange Commission of Pakistan (SECP) are legally required to submit their income tax returns for the year 2024. According to the SECP, as of November 2024, a total of 236,611 companies are officially registered, all of which must fulfill their tax obligations in a timely manner to avoid penalties.
As the clock ticks down to the December 31 deadline, the FBR’s decisive actions demonstrate its commitment to not only ensuring tax compliance but also maintaining a robust and efficient system for tax collection, which is crucial for the nation’s economic health and fiscal stability.