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07/09/2024
Section 114B: Powers to Enforce Filing of Returns
The tax authorities have the power to enforce income tax return filings. If individuals required to file returns are not listed as active taxpayers, the Board can issue general orders that may include disabling mobile phones, disconnecting utilities, or restricting foreign travel for Pakistani citizens (with certain exceptions). Restoration of services can be requested once the return is filed or if filing was not required. Enforcement actions will only occur after a notice is issued and the compliance deadline has passed.
Important: File your return today—don't delay!
07/09/2024
FBR Collects Rs. 1,588 billion in Gross Revenue in first two months of 2024-25
Federal Board of Revenue (FBR) has collected gross revenues of Rs 1,588 billion for the months of July & August 2024. Against a target of Rs. 1,554 billion, FBR has collected Rs.1,456 billion in net revenue and refunds of Rs. 132 billion (44% more than last year) were issued to the exporters to resolve their liquidity problems.
The FBR collected Rs. 593 billion under the head of domestic income tax as compared to Rs. 437 billion in July & August 2023, thereby showing a growth of 36%. A healthy year-on-year growth of 40% was achieved in the domestic sales tax with collection of almost Rs.314 billion. Around Rs.86 billion were collected as Federal Excise Duty (FED) showing a year-on-year increase of 13%. As a result a cumulative growth of almost 35% has been achieved in the collection of domestic taxes.
However, on the import side the same momentum could not be maintained due to continued compression in imports. In US$ terms, imports in the country have declined by 2.2% in August 2024 as compared to August 2023. Similarly, the imports during August 2024 in PKR value also showed a decline of 7% as compared to August last year. Moreover, the import of high duty items such as vehicles, home appliances, as well as miscellaneous consumer goods such as garments, fabrics, footwear etc have reduced significantly, changing the import mix. This trend has impacted collection of Customs duties as well as other taxes collected at import stage . Despite a modest increase of 4% in collection of Customs duties, FBR’s overall growth in net collection registered a 21% increase on collection of previous year.
FBR is likely to achieve the revenue targets of the first quarter as both the economic activity and imports are expected to show a healthy turnaround in the month of September due to lower policy rate and other interventions being made by the Government in recent months.
The growth is also likely to show a significant increase as a result of digitisation and other FBR’s reforms which are currently being very keenly supervised by the Prime Minister and the Finance Minister.
These reforms include end to end monitoring of supply chains, automated production monitoring, POS, AI based data integration, import scanning and strict integrity management of FBR workforce. FBR is also doing a revamp of it’s business processes to facilitate business growth and ease.
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Income Tax Return Filing Services (ITRP) is an accounting firm based in Pakistan, specializing in Taxation for Pakistanis’ living abroad.
We understand that the Pakistan taxation can be one of the most complex and progressive taxes return preparation and fillings systems in the world. For Pakistanis’ living abroad, it can be even more complicated to figure out the right forms to complete, the appropriate items to claim and learning the latest tax laws.
We are federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the Federal Board of Revenue to represent taxpayers before all administrative levels—examination, collection, and appeals—of the Inland Revenue Service.
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With our expertise and committed service, filing your taxes doesn’t have to be a stressful or confusing experience anymore. We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs. Contact us for best tax return preparation services in Pakistan.
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