The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns for Tax Year 2023 until October 31, 2023. This decision was made in response to requests from trade bodies and various tax bar associations. The FBR emphasized that no further extensions would be granted beyond this date.
Initially, the FBR had announced that there would be no extension of the deadline for filing tax returns, which was originally set for September 30, 2023. However, due to the demand from various stakeholders, they reconsidered and granted a one-month extension.
As of now, over 1.7 million individuals have already filed their tax returns, and it is expected that this number will exceed two million by September 30. The FBR’s decision to extend the deadline was communicated through a statement posted on the social media platform X.
In addition to the deadline extension, the FBR also reported its tax collection achievements. During the first quarter (July-September) of the current fiscal year, the FBR collected Rs. 2,041 billion, exceeding the assigned target of Rs. 1,978 billion by Rs. 63 billion. In September 2023 alone, the FBR collected Rs. 834 billion, surpassing the target of Rs. 799 billion by Rs. 35 billion. Refunds totaling Rs. 37 billion were issued during September, compared to Rs. 18 billion in the same month in the previous year.
It’s worth noting that the FBR had to compensate for a decline in import taxes in September 2023, with only Rs. 254 billion collected in import taxes compared to Rs. 299 billion in the previous month. However, this shortfall was offset by increased domestic taxes, especially direct taxes.
The FBR’s revenue collection growth in the first quarter of the fiscal year was recorded at 24.17%. The tax collection targets were exceeded, and the FBR is making efforts to meet its annual target of Rs. 7,004 billion for the fiscal year 2022-23. The tax slabs for the year have been set based on income levels, with varying tax rates and exemptions for different income brackets.
