Your address will show here +12 34 56 78
Taxation
The Federal Board of Revenue (FBR) has so far received historic number of 2.1 million income tax returns for the tax year 2018. According to a tweet of Fawad Chaudhary, Federal Minister for Science & Technology, here on Sunday night, “So far 2.1 million people have filed their tax returns, which is the highest in the FBR’s history. The FBR has projected a target to enhance these returns number to 4 million for the tax year 2019.”

The FBR has repeatedly extended the last date for filing of tax returns for tax year 2018 and last extension has been granted till August 2, 2019. An FBR official told Business Recorder that the number of returns filed in the tax year 2012 was 835,924 which increased to 1,577,964 in the tax year 2017. During these years, the tax law and consequently return form became more complex every year but the number of returns filed has increased. The increase in filing is due to penalty in the form of higher tax rates for non-filers introduced in tax year 2014 and probability of being caught due to data available in withholding statements, he added.

The FBR has already extended date for filing of income tax returns/statements for Association of Persons (AoPs) and individuals for the tax year 2018 to August 2, 2019. The date for filing of income tax returns/statements for TY18 was extended only in cases of individuals and AoPs whose returns were due on August 31, 2018 and September 30, 2018 and it was extended earlier up to June 30, 2019 and later was further extended up to August 2, 2019.

Similarly, the individuals, Association of Persons (AoPs) and companies who/which intend to revise their income tax returns for the Tax Year 2018 may file revised income tax returns/statements till August 2, 2019.
0

Taxation
Federal Board of Revenue (FBR) chairman Shabbar Zaidi has said the board will send notices to around 100,000 non-filers who own a house bigger than 500 yards or a vehicle above 1000 cc. While speaking to the media on Sunday, he said the non-filers would be brought to the tax net and the date for filing taxes has been extended up to two months so that maximum people could file taxes.

Earlier on Thursday, the FBR refuted speculation pertaining to levying a heavy withholding tax on motorcycles or rickshaws. A day prior, rumours had surfaced that the FBR had implemented a withholding tax on the registration of motorcycles and rickshaws, hiking up bikes’ registration cost by Rs 3,400 to Rs 20,900.

In an explanatory statement, the FBR clarified that no withholding tax would be implemented on either motorcycles or rickshaws. The FBR member also noted that in efforts to increase tax collection, the body’s priority would not be to levy taxes on the poor.
0