ISLAMABAD: Federal Board of Revenue (FBR) will reward persons for helping new taxpayers in filing their returns, official sources said on Saturday.
The sources in the FBR told PkRevenue.com that the law had already been notified in order to encourage income tax return filing.
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The sources said that through Finance Act, 2021, a new section 227BA was introduced to Income Tax Ordinance, 2001 under which the FBR had been empowered to sanction rewards to e-intermediaries for filing of returns of new taxpayers.
It further added that the FBR with the approval of the federal minister in-charge may announce benefits, rebates, tax credits, allowances and any other incentive in cash or otherwise for class or classes of persons.
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The sources said that the FBR would soon prescribe procedure in this behalf and also notify the class or classes of persons eligible. The provisions of this section will take effect from the date of notified by the FBR, the sources added.
In Pakistan only 3.4 million people are filing their annual return of income whereas the total population of the country increased to around 220 million.
In Pakistan, individuals and businesses are required to file tax returns every year to declare their income, expenses, and taxes paid to the government. The FBR is responsible for managing the tax system in Pakistan and ensures compliance with the tax laws.
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Individuals are required to file tax returns if their income exceeds the tax threshold, which is currently set at Rs. 600,000 per year. Businesses, on the other hand, are required to file tax returns regardless of their income level.
To file tax returns in Pakistan, individuals and businesses need to obtain a National Tax Number (NTN) from the FBR. They can then file their returns either online through the FBR’s online portal or manually by submitting a paper return to the relevant tax office.
The deadline for filing tax returns in Pakistan is usually September 30th of each year. However, the FBR may extend the deadline in certain circumstances.
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It’s important to note that failure to file tax returns or paying taxes on time can result in penalties and legal action by the FBR. Therefore, it’s advisable for individuals and businesses to ensure compliance with the tax laws in Pakistan.
