ISLAMABAD: The Federal Board of Revenue (FBR) has announced a second extension for filing income tax returns, now set to October 31, 2024.
This decision was communicated late Monday and affects individuals required to file their returns for the tax year 2024, initially due by September 30, 2024. The deadline was previously pushed to October 14, 2024, through Circular No. 2 of 2024-25 on September 30, 2024.
The extension was prompted by requests from various trade bodies and the tax bar association, alongside recent banking holidays declared in Islamabad and Rawalpindi.
A three-day public holiday was instituted in anticipation of the Shanghai Cooperation Organisation’s (SCO) Council of Heads of Government meeting on October 15 and 16.
This latest extension continues a trend observed in recent years, where the FBR has routinely extended deadlines for tax return submissions. Last year, the FBR similarly extended the deadline to October 31.
Such moves reflect an ongoing effort to accommodate taxpayers and ensure compliance, especially during busy periods.
In June, the government, led by Prime Minister Shehbaz Sharif, introduced a budget aimed at revitalizing the economy and enhancing revenue collection as part of a strategy to secure a new bailout agreement with the International Monetary Fund (IMF). The ambitious taxation plan outlined in the budget underscores the government’s focus on fiscal reforms and economic stability.
With the deadline now pushed to October 31, taxpayers are encouraged to prepare their returns in a timely manner to avoid any last-minute issues. The FBR continues to emphasize the importance of compliance in achieving the nation’s broader economic goals.
