The Federal Board of Revenue (FBR) disclosed on Saturday that it has received an impressive 377,766 tax returns for the tax year 2020, surpassing the filing deadline of December 08, 2020.
In a statement, the FBR highlighted the significant increase in the number of taxpayers who have fulfilled their income tax obligations after the initial due date.
The FBR initially reported that 1.78 million taxpayers filed their income tax returns by December 08, 2020. Since then, an additional 377,766 returns have been filed, bringing the total number of returns for the tax year 2020 to 2.19 million. This surge in late filings indicates a proactive response from taxpayers, demonstrating an eagerness to meet their tax obligations and adhere to compliance measures.
According to the FBR statement, the income tax paid during the filing of returns reached an impressive Rs31 billion. This amount represents a substantial increase compared to the previous year, showcasing a two-fold rise in income tax payments with the annual returns.
Comparatively, for the previous tax year at the same period, the FBR reported 1.98 million income tax returns and a total tax payment of Rs. 16 billion. The remarkable growth in the number of returns and the substantial increase in tax payments underscore a positive trend in taxpayer compliance and financial responsibility.
The FBR’s successful handling of post-deadline filings indicates an efficient and accessible tax submission process, encouraging more individuals to fulfill their tax obligations promptly. The additional revenue generated through these late filings contributes to the government’s fiscal health and supports various public services and development initiatives.
This surge in income tax payments is reflective of a broader trend towards increased fiscal responsibility among taxpayers, suggesting a growing awareness of the importance of contributing to the country’s economic well-being. The government’s efforts to simplify tax procedures and enhance transparency appear to be yielding positive results, fostering a culture of tax compliance and financial accountability.
As the FBR continues to leverage technology and streamline tax processes, the positive response from taxpayers is likely to continue. The increase in income tax payments for the tax year 2020 signifies a step towards a more robust and sustainable fiscal environment, ultimately benefiting the overall economic development of the country. The FBR’s commitment to facilitating tax compliance and efficient revenue collection is crucial in ensuring a stable financial foundation for Pakistan.
