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Income tax return filing deadline extended by FBR

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3 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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In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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