Karachi, September 19, 2024 – The Federal Board of Revenue (FBR) issued a stern reminder to taxpayers on Thursday regarding the upcoming deadline for filing income tax returns for the fiscal year 2024, with warnings of serious consequences for non-compliance.
Taxpayers across the country have received official notifications via their registered emails, urging them to submit their income tax returns by September 30, 2024. The communication, sent under subsection 114(1)(b)(vii) of the Income Tax Ordinance 2001, highlighted the legal obligations for taxpayers to file their returns and outlined the penalties for failing to do so.
The FBR warned that failure to meet the deadline could result in punitive actions, including the suspension of mobile phone SIMs, disconnection of electricity and gas connections, and potential restrictions on international travel. “Under subsection 114(1)(b)(vii) of the Income Tax Ordinance 2001, you are required to submit your income tax return for the fiscal year 2024 by or before September 30,” the message read.
The warning also emphasized that the FBR possesses a complete record of taxpayers’ financial transactions. With the increasing use of digital tracking systems and enhanced monitoring, the FBR is equipped with detailed information on individuals’ income, expenditures, and transactions, allowing it to identify discrepancies in tax filings. As such, taxpayers have been urged to file accurate and complete returns.
“The FBR intends to conduct extensive audits, which could result in additional taxes and hefty penalties,” the message stated. This signals that the FBR is ramping up its enforcement efforts, and those who fail to file or misreport their financial details could face significant financial and legal repercussions.
The FBR’s strict approach this year is likely part of its broader strategy to boost tax compliance and expand the country’s tax net. Over the years, Pakistan has struggled with low tax compliance, with a large portion of the economy remaining undocumented. In recent months, the FBR has increased its efforts to curb tax evasion and bring more individuals and businesses into the formal tax regime.
Tax professionals are advising taxpayers to ensure that they meet the September 30 deadline and avoid last-minute submissions to reduce the risk of errors. With the FBR signaling its intent to carry out comprehensive audits, taxpayers are advised to take this warning seriously and file their returns in a timely and accurate manner.
