Home / Business / You can now file your income tax returns by April 30

You can now file your income tax returns by April 30

The FBR has announced another extension in the date to file your income tax returns for 2018.

You can now file them by April 30. March 31 (today) was the original date by which people had to file their income tax returns.

Earlier, State Minister for Revenue Muhammad Hammaz Azhar announced that if people filed their tax returns by March 31, their names would be included in the active taxpayers’ list.

Everyone filing their tax returns now is a late filer, but the government decided to include the names of late filers in the ATP as well.

The number of individual tax filers increased by 10.7% compared to last year. The overall number of filers (including businesses) has increased as well. Azhar, in another tweet, said the number of overall tax returns filed till December 15 show a 30% increase compared to last year.

Related: Late tax filers to also be included in active tax payers list: Hammad Azhar

Pakistan has one of the lowest tax-to-GDP ratios in the world, around 12%, because tax evasion is rampant in the country. Therefore, the government has compiled lists of high net worth individuals, a database of more than 700,000 people who are evading taxes, and 3,100 of them have already been issued notices.

These are resourceful people who have purchased properties worth Rs20 million, bought 1800cc automobiles and earned rental incomes of Rs10 million a year, but didn’t file their income tax returns.

Non-filers, people who don’t file their income tax returns regardless of whether they pay tax or not, will be penalised, Federal Finance Minister Asad Umar had said during a session of the National Assembly last October.

Follow SAMAA English on FacebookTwitter, and Instagram.

 

 

Source link

About

Check Also

IMF estimates Pakistan’s GDP growth to slow down to 2.9% – Samaa Digital

The International Monetary Fund (IMF)  has predicted that Pakistan’s GDP growth rate will be reduced ...