Filing of income tax returns (ITRs) has improved significantly during tax year 2020, according to a statement issued by the Federal Board of Revenue (FBR). “Around 1.768 million taxpayers filed their income tax returns before the deadline ie December 8, 2020 while revenue received by FBR stood at Rs22 billion by this date,” it said on Monday. “The number of filers has further increased to 2.316 million while tax collection rose to Rs43.6 billion till January 4, 2021 as compared to 2.181 million filers and collection of Rs28 billion during the corresponding period of the previous year, showing an increase of 55% in tax collection in current year.” It is pertinent to mention that the number of income tax returns filed after the deadline of December 8, 2020 stood at 0.547 million and tax collection amount clocked in at Rs22 billion.
Published in The Express Tribune, January 5th, 2021.
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