FBR achieves double digit growth in tax collection

• FBR informed that the figures were achieved after taking into account the negative aspect of import contraction of around Rs 50bn.
• The board has already extended its deadline for filing income tax to November 30, 2019.

The Federal Board of Revenue (FBR) has collected Rs320 billion during the month of October, witnessing an overall increase of 16 percent as compared to the corresponding year, informed FBR Chairman Syed Shabbar Zaidi.

“Alhumdullilah, FBR has collected Rs320 billion during the month October 2019 and has maintained overall increase over last year of 16 percent and domestic tax over 25 percent,” said Zaidi in a tweet.

The FBR Chairman further informed that the figures were achieved after taking into account the negative aspect of import contraction of around Rs 50bn.

Alhumdullilah, FBR has collected Rs 320 billion during the month October 2019 and has maintained overall increase over last year of 16 percent and domestic tax over 25 percent. This is after taking into account negative aspect of import contraction of around Rs 50 billion.

— Syed Shabbar Zaidi (@ShabarZaidi) 31 October 2019

Earlier, the board extended the date of filing of Total Income / Statements of final taxation for Individuals and Associations of Persons for the Tax Year 2019 upto November 30, 2019.

According to an income tax circular number 15 of 2019 issued by the FBR, in exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the FBR has extended the date of filing of Income Tax Returns/Statements for the Tax Year 2019.

The date of filing of Total Income / Statements of final taxation for Individuals and Associations of Persons for the Tax Year 2019 which were due on September 30, 2019 and extended upto October 31, 2019 is hereby further extended upto November 30, 2019.

Meanwhile, the date of filing of Total Income/ Statements of final taxation for Companies for the Tax Year 2019, which were due on so" September 2019 and extended up to October 31, 2019, in respect of those companies who have paid 95 percent of the admitted tax liability on or before September 30, 2019, is hereby further extended up to November 30, 2019, FBR added.