FBR generates RS320 billion tax in January 2020

Federal Board of Revenue (FBR) on Saturday announced that it generated Rs320 billion in terms of tax revenue during January 2020.

FBR said they generated an amount of 17 percent more from the same month of the previous year.

The FBR spokesman further announced a 30 percent increase in internal tax collection.

“This collection unprecedented in FBR history,” he said.

FBR spokesman added that a 40 percent increase also witnessed in the number of tax filers this year.

He said that the increase depicts increasing confidence of the masses on the tax collection body.

“The tax filers during the year 2019, 1,645,828 and witnessed a sharp increase of upto 2,342,682 till 31 January 2020,” he said.

He further said that the refunds also increased from Rs65 billion in the previous year to Rs120 billion in the incumbent year.

The Federal Board of Revenue on Friday extended the deadline for filing of income tax returns up to February 28, 2020, to facilitate taxpayers.

“In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue pleases to extend the date of filing of Income Tax Returns/Statements for the Tax Year 2019,” read official notification.

The FBR said individuals and “associations of persons” who were required to file their income tax returns for the tax year 2019 first by Sept 30 and then by an extended deadline of January 31, 2020, but failed to do so will now be able to file their income tax returns by February 28, 2020.

Earlier, Chairman (FBR) Shabbar Zaidi once again went on leaves from Monday due to medical reasons.

The officials had confirmed that Zaidi would go on medical leave from Monday.

However, duration of his leaves could not confirmed yet.