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Income tax return filing deadline extended by FBR

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2 months ago

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October 14 is the new deadline for filing income tax returns, which was issued by the Federal Board of Revenue (FBR) as a 14-day extension.

Since the previous deadline was about to expire on September 30, the decision was made in a special meeting chaired by FBR Chairman Rashid Mahmood Langrial.

Citizens can now file income tax returns by October 14 after receiving the relevant notification.

The FBR chairman was briefed on tax collection in September during the meeting, in the meanwhile. It was reported that September’s income tax return collection totaled Rs 1106 billion, exceeding the targeted amount of Rs 1098 billion.

As of September 28, almost 2.9 million taxpayers had filed tax returns, according to the FBR sources. “Up until September 28 of last year, 1.4 million tax returns were filed,” the sources continued.

An extension of thirty days was requested by the Federation of Pakistan Chambers of Commerce and Industry to file income tax returns.

The FBR’s faulty system is generating delays due to technological issues, according to Atif Ikram Sheikh, President of the FPCCI, who has stated that filing returns is tough.

According to the President of the FPCCI, the FBR needs to balance its strict policies with attention to improving the tax system.

Because of some restrictions and shortcomings in the FBR’s online system, the tax filing process is still difficult for the average person. He claimed that the system needed to be adjusted for lags and outages.

It is unfortunate that, according to Atif Ikram, just 2.6 million taxpayers have filed tax returns to yet.

The number of new taxpayers introduced to the tax net from July 1st, 2023 is above 8,44,000. “An extension of the deadline for filing returns could result in seven million return filers overall,” the president of FPCCI continued.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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