Income tax return filing increases by 42%

ISLAMABAD: The filing of income tax returns has registered over 42 percent growth for tax year 2019 as compared with tax year 2018.

Federal Board of Revenue (FBR) on Saturday said that the number of annual returns filed for tax year 2019 2.342 million by January 31, 2020 as compared with 1.645 million returns for tax year 2018 filed till January 31, 2019.

The FBR attributed the increase in the return filing to improved confidence of people on the tax authorities.

However, the FBR extended the last date for filing income tax return for tax year 2019 up to February 28, 2020.

The FBR said that the tax collection for January 2020 was Rs320 billion which was 17 percent higher than in the revenue collected in the same month of the last year, showing 17 percent growth. Similarly, the total collection also registered 17 percent growth.

The FBR said that the tax revenue on domestic sources posted 30 percent increase, which was never seen in the past.

The FBR also issued refunds amounting to Rs120 billion in the current fiscal year as compared with Rs65 billion in the last fiscal year.

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