Business

FBR again extends tax return deadline

By WebDesk, BOL News

09th August, 2019

FBR again extends tax return deadline

Friday 09th August, 2019

Federal Board of Revenue (FBR) again extended filing tax returns deadline.

According to a statement released by FBR, the tax returns for sales and excise duty can be submitted according to the new deadline issued.

According to the details, the deadline extension is made due to the vacations of Eid-ul-Adha. The deadline for July 2019 income tax return can be submitted till 19 August 2019.

On the other hand, FBR has extended the deadline from 18 August 2019 to 21 August 2019 for sales tax and federal excise duty.

Last year the number of tax return filers was 1.7 million. This year expected tax filers is 2.3 million according to FBR sources.

According to FBR, action will be taken against tax evaders according to 2001 income tax ordinance.

Previously, FBR has extended the deadline for filing income tax returns or statements for Tax Year 2018 to August 9, 2019.

The deadline was due to expire on Friday, August 2.

However the revenue authority once again extended it to August 9.

According to FBR, individuals, who own immovable properties with specified land area or vehicles having engine capacity above 1000cc, are required to furnish a return of their income under the Income Tax Ordinance, 2001.

The Government of Pakistan has lately been making efforts to bring more and more people into the tax net and document the country’s economy.

An asset declaration scheme was also introduced on May 14 in this regard. The amnesty scheme expired on July 3.


You May Also Like

Gold price falls by Rs250 Business

Gold price falls by RS250 in global market

After hitting the historic high, the gold prices on Monday declined by...

Pakistan $500 million ADB Business

Pakistan receives $500 million from ADB

Pakistan has received $500 million from Asian Development Bank (ADB). According to...

Traders withdrew four-day shutter strike Business

Karachi: Traders cancels the four-day strike call in August

Central organization for different trade bodies has withdrawn the four-day strike call...

China is a currency manipulator Business

US Treasury officially labels China a currency manipulator

The U.S. Treasury Department labeled China a currency manipulator. This came after...