Pakistan’s Federal Board of Revenue (FBR) has registered a record number of income tax return filers, surpassing 5.3 million by December 26, 2023.
This surge marks a major accomplishment in meeting the International Monetary Fund’s (IMF) requirement to widen the tax net and boost revenue collection.
FBR sources expressed optimism that the number will continue to grow in the coming days, potentially exceeding the target of 6 million filers by June 30, 2024. The breakdown reveals that 3.69 million individual taxpayers and 1.67 million corporate/association of persons (AOPs) have joined the active tax payer list.
This rise in filers can be attributed to several factors, including FBR’s outreach initiatives, simplified tax filing procedures, and increased awareness about the importance of contributing to the national exchequer. Additionally, targeted campaigns encouraging specific sectors, such as the real estate and agriculture industries, to formalize and comply with tax regulations have likely played a role.
