FBR Sets September 30 Deadline for Income Tax Return Filings
The Federal Board of Revenue (FBR) has set September 30 as the final deadline for Pakistanis to submit their income tax returns. The FBR has emphasized that no extensions will be granted beyond this date and warned that legal action will be taken against those who fail to comply.
In a stern advisory, the FBR stated, “Defaulters will incur a daily penalty of 0.1% of the outstanding tax amount.” For individuals, the minimum fine is Rs. 1,000, while businesses and corporations could face penalties starting at Rs. 50,000.
The FBR has also clarified that the tax filing requirement applies to all individuals with foreign travel records, bank balances, property ownership, or vehicle registrations. Non-compliance will lead to significant repercussions.
Additionally, the FBR plans to crack down on unregistered traders and shopkeepers. Shops found in violation will be sealed for 7 days initially, with repeat offenders facing extended closures of up to 20 days. Penalties for non-compliance range from Rs. 50 million for first offenses to Rs. 200 million for subsequent violations.
An FBR official stated, “These stringent measures are intended to enhance tax compliance and expand the tax base.” Taxpayers are urged to meet the deadline to avoid penalties and legal action.
