Karachi, December 19, 2023 – In a move aimed at facilitating taxpayers and ensuring the timely collection of duties and taxes, the Inland Revenue offices across Pakistan are set to remain open on Saturday, December 23, 2023.
The decision, announced through a notification by the Federal Board of Revenue (FBR) on Tuesday, reflects a proactive approach towards enhancing revenue collection and addressing pending matters.
The directive from the FBR encompasses various key offices, including the Large Taxpayers’ Office (LTOs), Medium Taxpayers’ Office (MTOs), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs). Taxpayers are encouraged to take advantage of the extended working hours on Saturday to fulfill their obligations and clear any pending PSID (Payment Slip Identification) matters.
Officials from the FBR emphasized the significance of the month of December in the context of revenue collection. Traditionally, December marks a crucial period as it represents the midpoint of the fiscal year, setting the tone for future revenue targets. This year’s December collection assumes heightened importance due to the upcoming executive board meeting of the International Monetary Fund (IMF) scheduled for early January 2024. The meeting will review and potentially approve a $700 tranche for Pakistan, making the successful fulfillment of revenue targets imperative.
The extension of working hours on December 23, 2023, is part of a broader strategy to streamline the tax collection process and create an enabling environment for taxpayers. By providing additional opportunities for taxpayers to fulfill their obligations, the FBR aims to enhance compliance and contribute to the overall economic stability of the country.
In addition to its role in facilitating the upcoming IMF meeting, December is a crucial month for corporate taxpayers as they navigate the annual income tax return filing process. For companies with a normal financial year (July – June), the deadline for filing income tax returns for the tax year 2023 is December 31, 2023. The FBR’s decision to keep offices open on December 23 is expected to assist corporate taxpayers in meeting their filing requirements and avoiding any last-minute rush.
As the FBR extends its services to include a Saturday during this critical period, taxpayers are encouraged to plan accordingly and utilize the opportunity to address their tax-related responsibilities. The decision aligns with the government’s commitment to fiscal responsibility and proactive measures to ensure the country’s economic stability.
In conclusion, the decision to keep Inland Revenue offices open on Saturday, December 23, 2023, demonstrates the FBR’s commitment to enhancing revenue collection and providing necessary support to taxpayers. The move is strategically timed to align with crucial fiscal milestones, including the IMF meeting and the deadline for corporate income tax return filings, reflecting a holistic approach to financial management and compliance.
