No Mini-Budget in Coming Days: FBR Tells Senate Committee

Federal Board of Revenue (FBR) Member Inland Revenue (Policy) Dr Hamid Ateeq Sarwar categorically said the last date for filing income tax returns will not be extended beyond September 30. He clarified that the government is not considering any new taxation measures or mini-budget in October 2024. The FBR Member informed the Senate Standing Committee on Finance that the prime minister has only approved enforcement measures against non-filers and restrictions on non-filers, nil-filers, or filers, involved in massive under-declarations or mis-declarations in returns. He said that there would be no mini-budget or new revenue measures in the coming days. Dr. Sarwar categorically informed the committee that the last date for filing of income tax returns would not be extended beyond September 30. The FBR Member said that the number of return filers for tax year 2023 has reached six million and we are expecting more returns due to ongoing exercise against non-filers of income tax returns. He disclosed that 2.5 million persons have filed zero-income returns. The computer system would not allow financial transactions of zero income till they explained their source of income or earnings etc. Member Inland Revenue (Policy) stated that the FBR had finalized the strategy to meet the assigned revenue collection target for the first quarter (July-September) 2024-25. He said that the FBR will amass the target of Rs. 2,652 billion set for the first quarter of the current fiscal year. The FBR has estimated to collect nearly Rs. 50 billion along with the returns. The advance tax installment is also due in September 2024 to be paid by the corporate sector and banks. The gas companies would also pay the due amount of taxes during the current month.