The Federal Board of Revenue (FBR) claimed to have collected Rs2,041 billion in taxes, exceeding the target of Rs1,978 by Rs63 billion, in the first quarter of the financial year 2023-24.
According to the FBR spokesperson, extraordinary efforts were made to meet the tax collection target in September.
During this month, Rs834 billion in taxes were collected against the target of Rs794 billion. Rs37 billion worth of refunds were also issued in this month.
During September 2023, only Rs254 billion could be collected under the head of import taxes due to a sharp drop in imports.
The FBR compensated the Rs45 billion shortfall in import taxes through domestic taxes, especially direct ones.
“The FBR is committed to not only meeting but also exceeding the tax collection targets during the remaining months of the current financial year,” the spokesperson stated.
In late night good news for individual and industrial tax filers, the Federal Board of Revenue (FBR) extended the deadline for filing tax returns by a month.
In a post close to midnight on its X account, the Board wrote that it was taking the decision to extend the last date for filing tax returns to October 31, 2023 at the demand of trade bodies and various tax bar associations.
The previous deadline was September 30, and the FBR had categorically announced that the date was not being extended. However, in a late night decision, it decided to give in to the various demands.
However, it also stressed in the latest post that no further extension for filing of tax returns would be granted. On Thursday, the Board had directed all its field formations to facilitate the taxpayers in filing their returns since the last date for filing them was not being extended.
On Wednesday, tax bar associations, chartered accountant firms, and tax experts had formally requested the FBR to push the deadline for filing income tax returns to October 31 citing technical and legal challenges.
