ISLAMABAD: The Federal Board of Revenue (FBR) extended the deadline for the Income Tax Returns to October 31, the government board announced on Tuesday.
The decision follows requests from trade organisations and considers the current bank holidays due to the SCO summit that may hinder the taxpayers’ ability to file on time.
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The deadline extension by the FBR will help give taxpayers time to collect necessary documents and complete their tax returns. This would ensure that businesses and people alike comply with the new tax regulations.
In recent years, the FBR introduced several initiatives to simplify tax filing process. This includes online platforms that allow taxpayers to submit their returns electronically. The simplified system helps reduce time administrative burden and help collect tax in a more efficient manner.
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This is a second extension granted by the revenue authority, with the first extending deadline from September 30 to October 14.
The government started an aggressive tax collection scheme as the country reels from double digit inflations with skyrocketing prices of basic commodities. The inflation grew almost 50 per cent year-on-year from 2023 to 2024.
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Continuous rise in petrol prices led to a sharp spike in prices of basic commodities such as wheat, as well.
As part of its aggressive tax collection campaign, the revenue body promised to enforce measures to combat tax evasion and improve compliance rates.