LAHORE: Income tax returns for tax year 2020 have reached 2.8 million compared to 2.6 million last year, showing an increase of 8%.
According to the Federal Board of Revenue (FBR) sources, the tax deposited with returns was Rs51 billion compared to only Rs33.0 billion, showing an increase of 54%. It may be recalled that last year the final date for submission to returns was 28th February.
They said the FBR’s decision to adhere to 8th December as the last date has been vindicated as more returns and higher tax payments have been recorded during the Tax Year 2020 compared to 2019. Moreover, they added, a number of 123,680 new income tax returns have been received for tax year 2020 resulting into collection of additional tax of Rs511 million.
So far as the sales tax returns for the period from July 2020 to February 2021 are concerned, the sources said they have reached 179,584 whereas they were 167,769 in the corresponding months last year, showing an increase of 7.04%. The sales tax paid with returns is 624 billion this year which was 536 billion last year, showing an increase of 16.41%.
According to the FBR sources, 10,283 sales points of Tier-I retailers have been integrated with point of sales linked invoicing system.
They said Pakistan Customs has also initiated a focused counter-smuggling drive. During March 2021, smuggled goods worth Rs3.634 billion have been seized while in March 2020 smuggled goods worth Rs2.74 billion were seized, thus showing a monthly increase of 39%. Similarly, they said, during last 9 months (July 2020-Mar 2021) of current financial year smuggled goods worth Rs45.98 billion have been seized as compared to Rs27.7 billion from July 2019 to March 2020 of the last financial year thus showing an increase of 66%. Moreover, the value of seized goods of Rs46 billion in 9 months of current FY has crossed the total value of seized goods of last year. In FY 2019-20, smuggled goods worth Rs36 billion were seized.
The Directorate General of Intelligence & Investigation-IR has also showed commendable performance during July to March 2021. During this period, said the sources, the Directorate General forwarded 846 investigation reports to the field formations involving revenue amounting to Rs147 billion. The Directorate General filed 136 complaints under Anti-Money Laundering Act, 2010, against 175 accused persons involving revenue of Rs50 billion during the period from October 2018 to March 2021. Further, it seized 5057 cartons of illicit cigarettes containing 50,570,000 cigarette sticks during July to March 2021, they added.
Copyright Business Recorder, 2021
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